JB Morgan Chase now requires tech workers to give 6 month notice before quitting...

[Manonthestreet]

JPMorgan Chase requires tech workers give 6 months notice before quitting

A veteran JPMorgan Chase banker fumed over the financial giant’s policy requiring certain staffers to give six months’ notice before being allowed to leave for another job.

The Wall Street worker, who claims to earn around $400,000 annually in total compensation after accumulating 15 years of experience, griped that the lengthy notice period likely means a lucrative job offer from another company will be rescinded.

Taking to the social media platform Blind — which allows career professionals anonymity so that they can freely post without concern about retribution from their bosses — the worker in the e-trade division lamented over the policy.

A spokesperson for JPMorgan Chase told The Post: “In line with other e-trading organizations, some of our algo trading technology employees have an extended notice period. This affects a very small portion – less than 100 – of our 57,000 technologists.”

The Blind note went on to say the worker was amenable to staying through the notice period, “but I am pretty sure the new employer will rescind the offer and not wait 6 months.”

A source with knowledge of the situation said that the bank adopted the practice of requiring long notice periods because it was short-staffed when the notice periods were shorter.

The source added that the shorter notice periods resulted in “having a longer lead time for new hires to start which created business challenges from a talent perspective.”

They don't say what the 'penalty' is. Because, without some kind of actually enforceable penalty, otherwise I'd just say "here's my 6 month notice" and not come in anymore.

Oh wait I wonder if this is a work around to the coming FTC elimination of non-complete clauses?

Good luck with that.

 

[Harpy Eagle]

If you went to Chase to work to start with I can not have much compassion for you.

how is such a thing enforced?

 

[Donald H]

JB Morgan-Case is what they say of CA....As they go so goes the country.....Well so goes the business world.

That said I suspect it has more to do with FTC ruling.

A slamdunk attack on the freedom of the American people my friend. Instead of America ranking 54th. on rights and freedoms, you're on the way to a hundred and fifty-fourth!

 

[pknopp]

how is such a thing enforced?

No idea. The OP makes the argument that one can't really discuss this without knowing if it's even enforceable.

 

[shockedcanadian]

Chapter 11 means they could stay in business while reorganizing their debts.

As long as he agreed to work for them after the restructured,.then I understand. Otherwise...

 

[Dekster]

So a few people have to choose between a new job and getting their bonuses and stock options that last year. BFD.

 

[evenflow1969]

Lol, ya they are scumbags. Bankone use to be a large client of to the tune 12 to 14k per month. When they were bought out they changed the role of the guy who use to send me my orders. His new role was to basically do what ever possible to delay paying vendors. He told me it would be 12 to 14 months best case scenario of getting paid. I dropped them a client. Took over 36 months to collect what Bankone owed me.