| ▲ | senkora a day ago |
| In finance, it is common to be paid your base wage during your non-compete. Or at least that is how mine worked. |
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| ▲ | yborg 21 hours ago | parent | next [-] |
| Since a huge chunk of comp in finance is bonus, especially if you're a rainmaker, I don't see how this is a win. |
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| ▲ | throwaway2037 8 hours ago | parent [-] | | I don't where HN gets its information about investment banks, but it is wrong much more than 50% of the time. (Dart throwing monkeys could do better, I fear.) This is no longer true for non-FO (front office) head count after 2008. In markets (not investment banking/M&A/IPOs), front office is sales, trading, structuring, and a miniscule number of quants. In 2025, The vast majority of working stiffs at the world's top 15 investment banks are being paid an annual bonus that is max 25% of base salary, but 10-15% is more likely. Also, for most FO, when laid-off or leaving, they start gardening leave on the same day. Also, anyone worth anything (as FO) will negotiate with their next employer to have a guaranteed first year bonus that meets or exceeds their last bonus. For non-FO, they are required to work for their entire notice period. |
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| ▲ | paxys a day ago | parent | prev | next [-] |
| Yup, garden leave. |
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| ▲ | dylan604 a day ago | parent | prev [-] |
| That seems like something ripe for being gamed. How do they protect from someone just quitting and continuing to get paid? |
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| ▲ | thw09j9m a day ago | parent [-] | | They're not obligated to enforce the non-compete. If you don't have any sensitive information to take to a competitor, they might not give you any garden leave. OTOH, I've seen non-competes as long as 2.5 years from places like Citadel. | | |
| ▲ | throwaway2037 8 hours ago | parent | next [-] | | > I've seen non-competes as long as 2.5 years from places like Citadel.
Congrats: You are part of the 0.01% of the industry. Did they also offer to pay your bonus during that period? Else, it looks like a shitty deal that I would never accept. I heard that Florida now has some weird state-specific rules about high income people with non-competes. | |
| ▲ | kccqzy 20 hours ago | parent | prev [-] | | What's worse is actually those non-competes with a variable period. The company doesn't have to tell you in advance how long it will be; only when you hand in your resignation letter will they tell you. It entirely serves to make your job hunt more difficult. | | |
| ▲ | throwaway2037 8 hours ago | parent [-] | | Jesus: What jurisdiction is this? And what dummy signs a contract like that? | | |
| ▲ | wbl 9 minutes ago | parent | next [-] | | The kind who likes money. Lots and lots and lots of money. | |
| ▲ | kccqzy 6 hours ago | parent | prev [-] | | New York and the company in question is none other than Citadel. |
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