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Didn't have a non-compete in my MM letter. I would have to pay back my signing bonus (only that though, not regular end of the year ones) if I left before the 2 years is up though.
1a. a 2-year non-compete is very long for a jr employee and a court would be unlikely to uphold it 1b. however, that does not mean the firm couldn't try to pursue you for it and be a (very expensive) pain in the ass 2. never heard of clawbacks in that context for any non-deferred comp
you should get legal advice and push back if you are uncomfortable with the terms.
This - the non-compete will never hold up in court. I'm currently getting sued for breaking a non compete, I know they cant win, but its a pain in the ass getting sued for 100k (even if you are confident you cant lose).
Is this for analyst? That's incredibly restrictive.
Holy crap which MM bank is this?
They will claw-back ALL your bonuses? WTF is this shit? End of year bonuses are basically deferred comp they have no right to claw that back.
Those are some incredibly harsh terms. Two-year non compete is ridiculous. Never heard of year-end bonus clawbacks at the junior level. It's not uncommon to have a sign-on clawback if you leave within a year, but that's it.
Did they mistakenly extend a MD offer to you?
I had the same clause in my FT return contract. It was not an insignificant factor in me taking another offer. This is definitely not standard (not in my BB contract or in those of my friends at other banks and my contacts had never heard of anything similar)
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