Submitted by iammrfamous07 t3_11hzep9 in nyc
Comments
freshmoves91 t1_javuaoz wrote
Lol but do they give you 6 months notice before firing you?
Neoliberalism2024 t1_javvexe wrote
Yes, most likely.
I work at a competitor and The notice period works both ways.
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.
RenoVI t1_javzblv wrote
JPMorgan Chase is the worst
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
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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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.
k1lk1 t1_jaw52m8 wrote
On penalty of what?
froggythefish t1_jaw5pb9 wrote
Nothing, lol.
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.
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.
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.
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
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.
bsanchey t1_jaw9bwa wrote
Simple don’t do it. Fuck em. Fuck all employers in
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.
[deleted] t1_jaw9taa wrote
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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.
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
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.
leg_day t1_jawatxp wrote
aka Garden Leave
leg_day t1_jawaxgk wrote
*Garden leave.
Though, I suppose, you could spend the time gardening.
Ask_Mountain t1_jawb974 wrote
Sure, they can’t force you to stay at the job, but there could potentially be large damages as defined in a contract for leaving prematurely.
Edit: check this out
https://www.thefriedmannfirm.com/can-i-quit-my-job-if-i-signed-employment-contract/
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.
Badweightlifter t1_jawbvhs wrote
That's called Garden Leave.
[deleted] t1_jawczuk wrote
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[deleted] t1_jawdec1 wrote
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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.
TurbulentArea69 t1_jawf36b wrote
It’s called a garden leave and it’s nothing new
424f42_424f42 t1_jawjfzj wrote
Yeah, and it isn't anything new or news worthy
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.
smallint t1_jawmvul wrote
🍿
lupuscapabilis t1_jawnjn5 wrote
It really is. My wife worked there and left practically traumatized. Fuck that place.
[deleted] t1_jawp4r0 wrote
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fattythrow2020 t1_jawpcyo wrote
It’s called garden leave and it’s been a thing since forever
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.
lila-pink t1_jawuayu wrote
suck a fart chase
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.
[deleted] t1_jawv8kn wrote
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NatLawson t1_jax17rk wrote
Slavery
NatLawson t1_jax1rlu wrote
Yeah, slavery. Denial is a disease.
[deleted] t1_jax2gui wrote
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[deleted] t1_jax2lv0 wrote
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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.
[deleted] t1_jax3ot6 wrote
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[deleted] t1_jax60mg wrote
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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.
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.
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.
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.
freddymerckx t1_jaxcpza wrote
Or what? They're going to fire you?
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
selflessGene t1_jaxhkf9 wrote
I’m guessing you don’t get severance
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.
studmuffffffin t1_jaxk6ad wrote
They probably have generous severance packages, which would be equivalent.
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.
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.
Commercial-Impress74 t1_jaxmo46 wrote
Or what
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
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.
ahoff t1_jaxwn2q wrote
Lol, NY Post discovers garden leave. Wait until they see my 15 month non-compete . . .
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.
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.
[deleted] t1_jay3w57 wrote
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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
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
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
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
djdjddhdhdh t1_jay57g5 wrote
It 100% is at will, the notice period won’t effect anything except a rehire
djdjddhdhdh t1_jay5eb4 wrote
Ye a month of maxed unemployment covers 4 days for me :/
cjd280 t1_jay63ye wrote
And the fact that the first week doesn’t count makes it even shittier.
D14DFF0B t1_jaycf6m wrote
You get paid during that time. It's fine and normal in finance.
wheely-overhead t1_jaygfcu wrote
Good thing they don't have enough money to get me to work for them in the first place.
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
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.
Traditional-List-421 t1_jayq55z wrote
what industry?
ahoff t1_jazesun wrote
Finance. Trading side.
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.
ShadownetZero t1_jazmagm wrote
Tech workers who signed a contract and dont want to be sued: lol yup
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
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
[deleted] t1_jb01ldh wrote
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Plane-Bee-374 t1_jb0bzb6 wrote
Yeah they call it “Garden Leave”. Same at Goldman, BlackRock.
[deleted] t1_jb0c3qg wrote
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.
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
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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