A veteran JPMorgan Chase banker fumed over the financial giant’s policy requiring certain staffers to give six months’ notice before being allowed to leave for another job.
The Wall Street worker, who claims to earn around $400,000 annually in total compensation after accumulating 15 years of experience, griped that the lengthy notice period likely means a lucrative job offer from another company will be rescinded.
Taking to the social media platform Blind — which allows career professionals anonymity so that they can freely post without concern about retribution from their bosses — the worker in the e-trade division lamented over the policy.
“So I had made up my mind to resign from JPM (New York) and look for a new role,” the Blind poster wrote in an item titled, “Notice period blues.”
“When I looked into the resignation process, I see that my notice period is 6 bloody months!!”
“I was in disbelief, I checked my offer letter and ‘Whoops there it is,’” the post continued.
“Assuming I get the new offer (very likely), what are my options?” the employee wrote. “Thinking of giving a reasonable notice (1-2 months) and saying peace.”
“However, I am worried about any legal repercussions,” the worker wrote.
A spokesperson for JPMorgan Chase told The Post: “In line with other e-trading organizations, some of our algo trading technology employees have an extended notice period. This affects a very small portion – less than 100 – of our 57,000 technologists.”
The Blind note went on to say the worker was amenable to staying through the notice period, “but I am pretty sure the new employer will rescind the offer and not wait 6 months.”
A source with knowledge of the situation said that the bank adopted the practice of requiring long notice periods because it was short-staffed when the notice periods were shorter.
The source added that the shorter notice periods resulted in “having a longer lead time for new hires to start which created business challenges from a talent perspective.”
JPMorgan Chase has a reputation for requiring lengthy notice periods from outgoing employees.
Workers at its India corporate offices said last year that the Wall Street giant was raising its notice period from 30 days for vice president and below to 60 days, according to eFinancialCareer.com.
Meanwhile, bankers at the executive director level saw their notice period bumped up to 90 days.
Online bulletin boards and websites that cater to the financial sector include posts from Wall Street professionals who say it is common for banks and hedge funds to include noncompete clauses in employees contracts that bar them from being hired by a competitor for a period of up to six months.
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