For those in Investment Banking / Commercial Capital / Strategic Capital (private equity), what is the typical garden leave for leaving to another bank or perceived competitor (PE/VC Fund)?
This place has left a bad taste in my mouth, I may be on the cut list but will likely move before the give me the axe. Appreciate any thoughts/insights.
This is not about garden leave but is about WF layoffs. They laid me off last week. Immediately took my access but are paying me to not work for 60 day before signing the “I won’t sue you” papers and receiving actual severance which is two weeks pay for every year. No accompanying documentation on what I can ant can’t do during that 60 days.
Garden leave would be outlined in the paperwork you signed during onboarding.
Take me with you!
@first reply - Garden Leave is the time that the next employer will pay you to not work after they have hired you.
This typically only applies to high level people that nominally know something significant about the business. So, and execute vice president.
It also only applies when your specific employment contract calls it out.
I know of only one guy that got it. The guy went from Bank of America to MetLife. Looks like he got 3 months. During that time, he could read MetLife material, internal reports, etc., but could not interact with MetLife employees or make or influence decisions. Seems silly for an IT guy coming from a bank to an insurer.
Read about it here: https://www.metlife.com/about-us/newsroom/2019/august/metlife-names-bill-pappas-as-head-of-global-technology-and-operations/
If going to a true competitor, then they usually make you leave that day (return computer, badge, lose system access, etc) and serve the remainder of your notice period (ie two weeks).