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It’s pretty common. There’s a threshold of seniority for these sorts of clauses, but it’s usually in the VP space. The person was quoted with a $400k total comp
by fnordpiglet 4y ago
It’s pretty common. There’s a threshold of seniority for these sorts of clauses, but it’s usually in the VP space. The person was quoted with a $400k total compensation which puts them in the realm of gardening leave. It’s not limited to top traders or executives.
Yes you are paid, but only your base. You presumably get your bonus covered by the new place.
Source: I’ve been working at big banks for about 20 years now, as well as FAANG off and on and have enjoyed gardening leave myself many times.
Edit: note VP at a bank is a pretty mid level role, typically 10 years xp.