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freshmoves91 t1_javuaoz wrote

Lol but do they give you 6 months notice before firing you?

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ChipsyKingFisher t1_jaw4hfn wrote

They do. Point72 and the big hedge funds also give you a full year paid vacation basically before you start your next gig, you are not allowed to start for another firm immediately but they pay you for it.

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geos1234 t1_jaxs4n1 wrote

Its paid based on your base though I believe, no bonus, so it is like accepting a year of 1/3 earnings power.

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Neoliberalism2024 t1_javvexe wrote

Yes, most likely.

I work at a competitor and The notice period works both ways.

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kkirchhoff t1_jaxnhep wrote

I work in finance and my boss has done that on several occasions. He just tells them that they need to start looking for a new job ASAP and they are going to be fired in 6 months if not

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djdjddhdhdh t1_jay4ulp wrote

Haha jpm is same with tech although it’s like 3 months, but you get a good year of bad reviews before hand so you have to know unless you’re oblivious

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SakanaToDoubutsu t1_javylx1 wrote

The one time I was fired I did get a 2 weeks warning from my employer so I could close out my work and my benefits rolled over for an extra month.

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studmuffffffin t1_jaxk6ad wrote

They probably have generous severance packages, which would be equivalent.

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spoil_of_the_cities t1_javzlwq wrote

For friends in finance, though I don't think any have been JPMC specifically, the actuality of this sort of thing has been a six month paid vacation between jobs

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fattythrow2020 t1_jawpcyo wrote

It’s called garden leave and it’s been a thing since forever

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[deleted] t1_jaw4key wrote

[deleted]

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spoil_of_the_cities t1_jaw7m5m wrote

My friends who've gotten this have called it non-compete. Definitely not severance, you can take another job once you've got severance. My friends were getting paid to not work for a few months until their current knowledge of the business was not current anymore.

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Badweightlifter t1_jawbvhs wrote

That's called Garden Leave.

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rootbeer_racinette t1_jawlerv wrote

Garden leave is a paid non-compete. There's no legal contract called "Garden Leave" and the non-compete wouldn't be enforceable in most states without pay.

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ownageboard t1_jaw8c2a wrote

No a lot of people have “gardening leave” and it is not waived as it’s there to prevent you from divulging existing transactions details to competitors before the transaction is completr

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leg_day t1_jawaxgk wrote

*Garden leave.

Though, I suppose, you could spend the time gardening.

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elev57 t1_jawels3 wrote

It's either. More common in the UK to call it "gardening leave" than in the US.

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omniocean t1_jax9cku wrote

Per the article, this is only for people with access to top secret trade algo which is "less than 100 – of our 57,000 technologists.”

So basically a paid vacation while giving enough time for the trade secrets to become outdated.

Fair, next.

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virtual_adam t1_jayjjdl wrote

JPMG are also shit-tier in terms of tech compensation. No one is working there that could get an offer at big tech. So making $400k also hints they are either super senior or part of a very small elite quant team. Both of which a 6 months phase out would make sense

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Substantial_Bend_580 t1_jazpwy7 wrote

Really? I have a bud who just graduated from a mid tier college in may 2022 making $125K. Just got his degree too only internship experience

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virtual_adam t1_jaztxxw wrote

That wasn’t great TC for summer 2022, very different world now, and generally devs have a great life that this is considered on the lower end. Just as an example that’s within the range J.Crew are advertising for NYC devs, and I would categorize them (retail) as even below banking. Generally “tech in a non tech company” means less money

A Meta new grad 0 experience would be making just under $200k in NYC

400k is almost imaginary in the tech in a non tech company world

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Substantial_Bend_580 t1_jb2cdpe wrote

Wow. Interesting where do u recommend these workers go apply after they have some experience under their belt? Also what’s good 1-4 years of experience? Asking cuz my bf is also working for a similar company who’s paid just under $100K and I thought he was doing well to have no experience.

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virtual_adam t1_jb2rjcs wrote

levels.fyi is a great resource, the app blind can be OK

generally for NYC big money without crazy expectations once you pass the interview are Google, Meta, Amazon, there are probably more others could add

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Plane-Bee-374 t1_jb0bzb6 wrote

Yeah they call it “Garden Leave”. Same at Goldman, BlackRock.

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djdjddhdhdh t1_jay4d3a wrote

It’s actually for vast majority of VPs, EDs, and MDs. Although in this case it was likely a higher than normal period for what he was which I’d assume an ED or at least a VP

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yiannistheman t1_jaw4vw7 wrote

Affects only those developers in etrading positions, which is a miniscule fraction of their overall tech workforce.

And for those, I'm guessing that's only if JPM wants to enforce the garden leave. I'm sure in most cases, they'd probably accept 30 or 60 days of notice. It was already commonplace for employment contracts to have non-competes (which were already notoriously difficult to enforce), so I don't know how much this changes things.

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vowelqueue t1_jax8mjt wrote

> Affects only those developers in etrading positions, which is a miniscule fraction of their overall tech workforce.

I'm not sure this is the case in NYC. Many of the developers they choose to hire in a HCOL place like NYC are going to be in front-office facing positions such as etrading roles.

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djdjddhdhdh t1_jay4kd4 wrote

Tell that to the 5k person mainly tech office in jc and the 5-10k tech office at metro tech (although not sure if they moved those guys to jc or Texas now) these are mainly back office, AM, and chase bank positions

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TurbulentArea69 t1_jawf36b wrote

It’s called a garden leave and it’s nothing new

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ahoff t1_jaxwn2q wrote

Lol, NY Post discovers garden leave. Wait until they see my 15 month non-compete . . .

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Traditional-List-421 t1_jayq55z wrote

what industry?

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ahoff t1_jazesun wrote

Finance. Trading side.

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Traditional-List-421 t1_jbczgiv wrote

Nice. 👍 so do people really get 15 months of unadulterated paid freedom if they leave? Do you have to skip/lose a year of bonus? I could see that as a big penalty, but ofc I’d still take quant base $ to chase my hobbies

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froggythefish t1_jaw5tbh wrote

There’s no legal standpoint for this. Workers can legally quit whenever they want with zero notice. The same way companies can legally fire you whenever they want with zero notice.

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upnflames t1_jaw9dgx wrote

You're thinking of at-will employment specifically, which this most likely is not. These employees probably have an employment contract which isn't necessarily uncommon at higher levels.

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cFlasch t1_jawae1z wrote

You can quit any job at any time in ny. You may have financial penalties in terms of paying back bonuses or you may be beholden to certain non-compete (of dubious legality themselves) but there is no way an employer can force you to stay at a job, contract or not

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djdjddhdhdh t1_jay57g5 wrote

It 100% is at will, the notice period won’t effect anything except a rehire

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froggythefish t1_jawaqu5 wrote

It’s irrelevant. A contract which an employee (foolishly) signs can give penalties and what not to be argued over in court, but it’s still completely illegal to force someone to work. Any worker can quit without notice for any reason. Unless as punishment for a crime, in which case slavery is still legal, for some bizarre reason.

Personally, I don’t think quitting is smart either way. Get fired instead. Just stop showing up and stop working, but never quit. If they fire you they’re the ones who are taking responsibility, and it not only gives the worker a bigger chance to claim unemployment, but also forces the employer to pay wages up until the worker is fired. And if they don’t the worker can complain and have a chance at getting even more money.

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Difficult_Arm_4762 t1_jax3buh wrote

no show / not doing work is the same as quitting...that gives them more leverage.

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froggythefish t1_jaxck4a wrote

It’s not the same as quitting, at all, from a legal standpoint. You still have your job, and need to be paid, until they fire you, and once they fire you, you can fight for unemployed. Never quit. You’re basically willingly giving away your rights as a worker.

The employer knows this. They’ll often try and trick you by saying “if you don’t show up, you’re quitting” or something like that, make it clear you did not quit.

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cjd280 t1_jay330g wrote

Even if they fire you, they will pay your salary for those 6mo as part of your non compete.

I’d also imagine the place you are going to is used to that as well. We had to wait close to 4 months for a guy we hired on my team recently.

Unemployment is a joke for a highly paid worker in finance/tech. I think it’s like 400 something a week. The amount of time it takes to file and show that you are looking for jobs costs more than that of my time.

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djdjddhdhdh t1_jay5eb4 wrote

Ye a month of maxed unemployment covers 4 days for me :/

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cjd280 t1_jay63ye wrote

And the fact that the first week doesn’t count makes it even shittier.

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Ask_Mountain t1_jaw86xj wrote

You can put whatever you want (as long as it’s not illegal) in a binding contract. It can either specify penalties or the court can compel you to make the other party whole.

I’m not sure if that’s the case here (or even if it’s enforceable), but clauses like this could exist.

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froggythefish t1_jaw90uq wrote

It’s not enforceable at all. It is a legal right of all American citizens to stop working for an employer at any time they want, without reason.

Edit: the number of people who seriously think your employer can just tell you you’re not allowed to quit shows just how brainwashed the working class is. Please research your rights.

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leg_day t1_jawbnwj wrote

It's not.

It's unenforceable to have clauses with no remuneration. So they can't compel you to pay 6 months of salary if you quit without notice, for example.

But these clauses with the big banks do have remuneration. In exchange for you signing this, you are guaranteed pay when you leave or get fired.

It's super common in trading firms (or trading businesses within banks) to have forced paid leave between jobs. For example, if you work for a hedge fund, you can't quit and immediate work for a competitor: you'd be able to take your knowledge of active trades/positions and bet with/against them. So you sign an agreement saying you won't work for 6 months (or longer) between jobs, but the old job keeps paying you.

All the big banks/hedgies are incentivized to also honor the system by not hiring you before your leave period is complete. Why? They don't want their own ex-employees poached during their leave period to have their positions wiped out.

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Ask_Mountain t1_jawa8do wrote

No, it’s not. At-will employment makes it legal for you or the companies end the job without notice. However, this does not prevent a contract being put in place to add a waiting period.

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ShadownetZero t1_jazm5xo wrote

You seem to think all employment is at-will. Listen to the people correcting you instead of covering your ears and shaking your head.

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selflessGene t1_jaxhvdc wrote

I don’t have a problem with this as long as they’re transparent. They’d have to pay me way above market rate for me to sign that though.

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djdjddhdhdh t1_jay5367 wrote

It’s pretty standard in finance in fact if you were going to another finance co and were like I’m starting in 2 weeks, the new company will likely think twice of hiring you cuz you’d do the same shit to them

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MochaJ95 t1_jaxf8x0 wrote

A along as that means they are also required to pay you for 6 months after firing you, that's fine

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cjd280 t1_jay2mh3 wrote

This is normal. When you get let go you also get paid for those 6 months as part of your non compete.

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RenoVI t1_javzblv wrote

JPMorgan Chase is the worst

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lupuscapabilis t1_jawnjn5 wrote

It really is. My wife worked there and left practically traumatized. Fuck that place.

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k1lk1 t1_jaw52m8 wrote

On penalty of what?

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MisterFatt t1_jawr8qf wrote

I’d imagine they make you sign a contract agreeing to the terms of employment and would threaten a lawsuit if you breach it.

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LittleKitty235 t1_jaxm2uh wrote

Also the contracts typically only apply if you transfer to a similar job. In this case a technology job involving e-trading. It's a small specialized field, good chance you'll be blacklisted from a lot of future jobs if you violate it.

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MrJacoste t1_jawughk wrote

Nothing. I worked at a Fintech that "required" 3 months notice. Got a strongly worded email from HR when I gave a 3 week notice but that was it.

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1

wheely-overhead t1_jaygfcu wrote

Good thing they don't have enough money to get me to work for them in the first place.

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[deleted] t1_jawp4r0 wrote

[deleted]

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D14DFF0B t1_jaycf6m wrote

You get paid during that time. It's fine and normal in finance.

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ShadownetZero t1_jazmagm wrote

Tech workers who signed a contract and dont want to be sued: lol yup

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tyen0 t1_jax8a80 wrote

Exactly what I said when they(a different big bank on wall street) tried to get me to agree to a 3 month version. They had a lawyer badger me about it for a couple hours(two meetings) but then they gave up.

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miamor_Jada t1_jaylnhh wrote

Lmao!

Workers should give 2-day notices. Make these tech giants feel the bullshit.

JP Morgan isn’t even a tech company, they’re a bank network with tech employees in engineering.

Double fuck you to the company.

*No, never worked for or applied to this company ever.

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bsanchey t1_jaw9bwa wrote

Simple don’t do it. Fuck em. Fuck all employers in

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lila-pink t1_jawuayu wrote

suck a fart chase

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freddymerckx t1_jaxcpza wrote

Or what? They're going to fire you?

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LittleKitty235 t1_jaxm9p2 wrote

Sue you for breaching your employment contract and likely get you blacklisted within the industry. Take your 6 months of pay to do nothing.

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NatLawson t1_jax1rlu wrote

Yeah, slavery. Denial is a disease.

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