Confused around the circumstances where IB firm can fire you and not pay any severence? I was told if my performance didn't improve I was threatened to be fired for cause and would get no severence. Is this true? I am in NY but I heard this is not allowed in CA.
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They’re doing a paper trail right now so they can fire you with a verbal warning. They’re not doing this to warn you they’re planning to fire you and they’re showing that they have cause by verbalizing your performance as the reason. Document everything.
So slimy avoiding severance
Yeah it’s very hard to go back from initial perspectives. Once they start warning you you’re out. They’re just being dicks and documenting you. The moment they warn you with such aggression “if your performance doesn’t improve we will fire you with cause.” They have already made up their minds.
First of this sucks and not a good situation to be in.
Who exactly requires this paper trail? Firings reviewing MD?..Employment in the US is at will and just as you can walk away tomorrow - you can be fired. Sure some states will have minimal protections but that’s usually tenure related. You’re looking at 1-2weeks of pay per year of service type of stuff.
I would take the notice on performance seriously and instead of docking around on WSO start focusing on getting better at your job. All the “non-performance” related stuff is nonsense. When there’s activity around either you’re good or bad you’re needed because not enough hands on deck ever. When slow - focus is on righting the ship internally.
Start recruiting NOW.
Curious, does your performance actually need improvement or are they just wanting you out because of the slowdown?
It's not a performance issue
Did you make some major mistake or something?
Even if they owed you a little severance and screwed you on it, it wouldn’t be worth your time and money to get a lawyer and fight for it.
So either focus on fixing the big mistake you made or start interviewing.
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