Hi all, I got an offer at another big bank/competitor. As a VP in risk/controls department, I see that I am required to give a 30 day notice period. Anything less and I will lose my RSU and will be ineligible for rehire.
What is likely to happen if I disclose that I am switching jobs to a competitor and I give my 30 day notice? Will they let me go on the spot, or will they let me finish out my 30 day notice period?
Read your RSU paperwork. Some of the stuff in this chain is incorrect. It is tighter than you think. Getting laid off only way to survive and keep or buyout
if you give notice before bonus, you won't get bonus
if you give notice after you get bonus and they tell you to leave immediately, you are still an employee for 30 days - you're on "garden leave". WF still pays you. (i.e. they aren't firing you). If you start working for someone else during that 30 days - then they can claw back the RSUs.
there's really no way around this. it's written into the terms of the RSUs - so it's 100% ironclad in court. And lots of people on this board claim there's no way that WF will know but that's wrong also. It's very easy to know.
Net of it is - get your new employer to buy out the value of your RSUs if they want you sooner - otherwise they wait for you to get clear of your garden leave.
Now this is a great time to get the services of an employment lawyer. He/she can work with both Wells Fargo and the new bank. The 30 days and benefits are negotiable.
if you give notice before Feb 13 you won't get bonus. if you don't give notice in general and/or don't serve your required notice period they can claw back last years vested shares.
@OP I'm in a similar situation. Honestly, I'm just going to give three weeks notice and not worry about losing the RSUs. And, the fact that I can't get re-hired at WF is a bonus. ;-)
I was in same spot recently-a VP in risk that went to a competitor bank. They didn’t care and I had to complete my 30 days. I don’t see them caring unless you’re in a highly sensitive position.
Chances are high that you will finish your 30 days. People move between WF and BoA all day, every day, no one cares (also UBS, Truist, ...). If you were in a front line position it would be a different answer.
Only tricky thing is the bonus, which is paid Feb 13th. Comp is finalized Jan 26th and released for communication the 28th.
If you are lucky they will give you the boot on the spot and pay you for 30days, because they deem you a risk, or if they can keep you and squeeze all the natural juices out of you to feed your I&P replacement. Its a toss up LOL