If you’re a CIB employee at a certain title or above, you’re supposed to give 60 days notice before quitting. Does Wells actually pay such employees for a garden leave for those 60 days?
If you choose to go to a competitor with less than 60 days notice, what can WF really do?
Amy insight from HR folks, managers, and past employees appreciated.
5 replies (most recent on top)
Gardening leave provisions should be there prior to your joining so see your contract. If added in the middle and you didn’t sign it then they need to pay if they expect you to wait. Get an attorney to draft a letter for you.
It’s paid, and they can sue you if they want, and potentially sue or enjoin your new company. Negotiate the exit timing between the two and don’t burn a bridge, it’s common in the industry.
Thank you both. I think forfeit RSR either way by quitting and going elsewhere as I am not old enough to retire.
Former ED who retired earlier this year from CIB, yes, you must give 60 or 90 days notice per the “leaving WF policy.” If you do not, then you forfeit any RSRs you have. You are paid during the notice period, so you cannot work elsewhere until it ends. If you retire, you cannot work for a competitor or you risk losing your RSRs. I think this is being challenged legally but per the award agreements, current policy. You could always look to your new employer (if you are not retiring or if you are but might work somewhere else down the road) to buy you out.
If WF wants you to be gardening and not working at newco WF has to pay. Kind of standard in industry.