It happens just about every day in the wild world of investment banking: One bank picks off another bank’s top talent.
Exhibit A: Today, Goldman Sachs sued seven former private wealth management employees recently poached by Credit Suisse (one of whom was reportedly lured away from Goldman with $11 million).
Some argue that poaching talent is unethical; others say it encourages competition.
No matter what you believe, the talent war is here to stay.
So if you’re a potential poachee, you better know the rules of the game.
The first thing you should do when considering a move to a competitor is take a look at your employment contract.
Did you sign a non-compete clause? If so, what are the clause’s details?
It’s not uncommon that employees have forgotten the fine print of the papers they signed when they joined their firm. Not to mention the whereabouts of said papers. So, some digging and searching may be required.