This was a heavily used tool to keep people from aggressively searching elsewhere as their options were limited.
https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-announces-rule-banning-noncompetes
“Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date”
citi doesn't care if you leave. they want people to jump off the train instead of being pushed
Big picture….
Let’s assume that the noncompete does NOT apply to Citi at all, ok, moving past that….
It affects most companies, so, now not being limited, those affected who could NOT make a move, now CAN make a move. So that leaves an opening to be filled. An opening for which we, employees, at Citi can apply for instead of staying here. This could be considered our ticket off of the train that Jane keeps suggesting we get off of.
Lies. I signed a non-compete at a lower level. Which in retrospect makes sense for how much of a scam the role was in regards to intellectual property
First you have to read the entire agreement...
It says people earning $150 and below. The next is the period is 6 months to move.
But Citi is offering non-agreement at Director or SVP level minimum which is $180 and above already and garden leave is 3 months. In fact, Citi is much better in this terms.
FTC rule doesn't affects Citi.
we are forming monopolies at a faster rate now than before
not as many choices left to leave to
smaller businesses will get strangled by the larger more powerful ones today
Who says brown nosing doesn't work?
Are non competes ever really enforced? With the exception of really Sr leaders, employees change jobs and go work for the competition all the time. Rarely can they legally be upheld and it's really not worth the fight.
LOL. There’s company after company putting their own spin on the FTC ruling. They are interpreting it with their own flavor of what it means. The FTC are calling them out with a “No, you are wrong. Like we said, this is how it works.”
Post ID: @1qpi+1s5MitYy It's long past time to Quit the Citi Titanic and finally say, in the words of John McClane, "Yippee Kayay, MotherFvcker!" by Anonymous Post ID: @1kqu+1s5MitYy
People won’t “exploit” the situation but rather act upon something that was denied to them. Citi’s reputation risk has already taken place.
https://chicago.suntimes.com/2024/04/18/elderly-financial-exploitation-helen-caldwell-citi-elder-fraud-matthew-kennelly-charles-golbert
They’ll likely seek alternative solutions and may advocate their support within the company if questioned by personnel, but action won’t be taken until the consequences are assessed, or impact is felt. If many people exploit the situation, the company will eventually have to address the reputational risks. With Citi setting the precedent with these layoffs, they’re only making their situation more challenging in talent wanting to stay put.