Garden Leave and Telling Current Employer Where I Am Going
Hello monkeys,
I'm currently in an IB analyst role but may get an offer from an Asset Management arm of another bank (BB). My guess is, since I'm not going to the new employer's IBD department, I would not be asked to leave immediately, is that correct (RE IBD to RE AM at another investment bank)? On a related note, does that mean I don't need to tell them where I am going either? I've come across few posts here where it was recommended that I don't tell the name of the new employer, but wasn't sure since this new employer may technically constitute my current employer's competitor. Thanks in advance for your input.
bump
I don't know the clear cut answer to your question but - once you get the offer, it would be silly to withold the name. They'll see it on LinkedIn soon enough and refusing to provide it would probably piss people off. You want to handle this and prevent burning bridges. In terms of optics, tell them the name of the Asset Management arm you're going to, don't just tell them you're going to "JP Morgan" or something like that.
I wouldn't, however, let your employer on until you have an offer that you're comfortable with. If you think garden leave might be an issue, let the new firm's HR know up front that you're unsure of garden leave policies. Wait for it to come up, or wait until you get to negotiation phase. Frankly, they might know or have expectations if they've hired from your firm in the past. It's not exactly an industry secret. If it is common, they'll probably be able to accommodate or know what they'll ask of you and you can gauge if you're comfortable with that before approaching your employer.
I'd think that, if you were required to take garden leave, it would either be stated in your handbook or in your contract. If you didn't sign a contract or noncompete when you signed, I'm not sure how they could enforce garden leave anyways and so you're probably safe.
Another quick thought, since comment editing is broken: in the industry, if it's a major player, garden leave is usually considered the hiring firm's problem. I've never seen someone lose an offer because they had to wait through a garden leave. I've also, however, never seen anyone covered by this that wasn't in a direct sales/client management role. Junior staff usually aren't covered. The chance that you steal clients from your MD is slim to none as a junior person (especially at an Asset Management arm), and it is expensive for them.
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