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In finance, it is common to be paid your base wage during your non-compete. Or at least that is how mine worked.
by senkora 1y ago
In finance, it is common to be paid your base wage during your non-compete. Or at least that is how mine worked.
- paxys 1y agoYup, garden leave.
- dylan604 1y agoThat seems like something ripe for being gamed. How do they protect from someone just quitting and continuing to get paid?
- thw09j9m 1y agoThey'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.
- kccqzy 1y agoWhat'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 1y agoJesus: What jurisdiction is this? And what dummy signs a contract like that?
- throwaway2037 1y ago> 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.
- yborg 1y agoSince a huge chunk of comp in finance is bonus, especially if you're a rainmaker, I don't see how this is a win.
- throwaway2037 1y agoI 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.