They sent me a disclosure telling me for 90 days although I am currently within a lay off period I am not allowed to work for another firm.
First question is how tf would they even know if I got another job?
Isnt this illegal?
This place is the worst place I think I ever worked, in a way im glad the lay off came.
OP here, yes so my actual seperation date will be within 60 days out but I wont have access to systems or do any work but guess technically still an employee until that.
They said you get a job at another firm within this time they will take away your severence but how would they even know? These companies are crooks!
Please go ahead and take a job while you’re still employed and lose your severance and then take your lawyers and sue USAA. I want to watch that unfold. I love watching id--ts gets crushed.
Don’t know where you are in the layoff timeline, so it is possible you haven’t had any meetings with the severance team yet, but they will tell you what can and can’t be done so as not to negatively impact your severance. I was laid off two years ago and in one of the weekly meetings (I highly recommend you call into every single one!!!) someone asked this exact question…what if I get offered a job at another company during this period and the response was to talk to them directly, one on one for specifics, but you can accept the job but not start working until after your sever date. That is the key! They also said they can work with you to shorten the period with minimal impact to your severance payout.
@bx false, I know for a 100% fact that certain executives have 90 day non compete clauses. My former AVP, she was part of the 2024 round of layoffs and had to wait 90 days before applying at another financial institution.
@br false. Read th comments below
What was your role? Because depending on your role and how high up you were, there is a non-compete clause, but that’s mainly for EMG if not higher.
You haven’t been laid off yet. You’re still an employee. It’s enforceable, has been enforced, and you will lose your severance. Don’t even apply to jobs during this time period.
No it’s not illegal. And I wouldn’t post the particulars of your NDA.
If you're in your 60 days of non-working notice you're still technically employed. Every fintech or bank I know runs background checks and uses The Work Number to validate employment status.
We don't sign NDAs so you can do whatever you want, you just may forfeit your severance as they're not obligated to give you one and this is one of the conditions of their severence package. Only you will know whether it's worth the risk.
Did you sign a NDA when you were hired? (Non-Disclosure Agreement), those are relatively common in some companies these days, they are binding, but I don’t know how they would know if you are working for a different firm.
If you didn’t sign a NDA, you are good, they can’t do anything.
And I agree, most people are better working for a different company in the long term, even if they are struggling now with the layoffs.