Hoping someone can help… Director in Consumer Lending planning to give notice after bonus, maybe mid Feb. going to another bank. Colleague and good friend told me about 60-day working or non working garden leave if going to another bank. He said they can claw back RSRs, etc. if they find out. Any idea how WF would find out? The bank I am going to is a small one, regional size. Obviously I can’t sit idly by for 60 days. Thanks!
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You don’t have to sit out. If you are leaving voluntarily, your unvested RSRs will forfeit, anyway. You can go work anywhere you want.
As a VP or above, you will lose unvested RSRs if you do not give 30 or 60 days notice. Look in appendix a of the grant award. Will they make you work those days? Kind of depends on the manager. I have heard of some having to work it but others getting to go with pay. Even if retiring you must give the notice. My question is how will Wells Fargo know if you have taken another job during that time if you aren’t working?
You people are brainwashed. You have no obligation to tell Wells Fargo s#!t about where you are going or even IF you are taking another job.
Here's how this goes.
"Hi (Manager), I have decided to leave Wells Fargo and my last day will be (14 days from whatever day you tell them.) I am happy to stay on for the next two weeks so that a smooth transition can be made for my successor. Thank you for the opportunity and best of luck."
Hopefully they will say, NO - you are done today at noon. (be prepared for this because you still get paid for the 2 weeks that you offered to work, but they will shut your access down in a heartbeat, so save whatever you need NOW. )
Also, consider quitting with your final day being the first day of the next month. So if you quit in February, make March 1 (Friday) your last day. This way you get 1/12th of your PTO because it is accrued on the first of each month.
Third - Don't tell ANYONE what your new job is. They don't need to know. And I mean ANYONE - not your best work "friend" or any "trusted" colleague.... because they will talk.
Smile - you are almost done with the insanity that is working for Wells Fargo bank.
You rake leaves, not garden them. Gosh.
@1hqw+1qCx4aDM … unless you are retirement eligible, at which point you must give 60 or 90 days notice. I have heard them make some people work that time, but have heard that they gave others 60 paid non working days. Question is, how would WF know if you started working somewhere else during the non working time?
It's gardening leaves, FFS
This is very simple. Do not tell anyone where you are going. There are all sorts of ways that people’s transitions from one firm to another can get messed up and telling people where you are going before you have started opens the door.
If you don’t have a contract specifying garden leave, you aren’t subject to it.
With regard to your RSRs it is in the terms of your agreements as others have posted. You forfeit unvested shares with a voluntary resignation regardless of where you are going, so that should have baked that into your negotiation - the new company should be buying that out.
@1ouv+1qCx4aDM It is not buried. I just logged into Equate Plus, clicked on Documents under Library and see grant agreements in the list by year.
Looking at last year's grant agreement there is a notice period table across various criteria that applies to those resigning or retiring.
Hope this helps everyone who is looking for the info!
For anyone who gets restricted share rights, or RSRs, I do think it applies. I think if you retire it doesn’t. Not sure. Also a director and if you think you can find this in the agreement, good luck. I have looked and it must be buried somewhere.
Agree with @1xil+1qCx4aDM OP. You need to read the grant award agreements that you signed. All the best !!
Garden Leave is typically a part of a contract employment, unless you have some particular agreement in place, it won't apply. Tell them it's a 2-week notice, you're going to another Bank, and they'll most likely say "Leave now, we'll pay you anyway but are cutting your access.".
Director-level myself, for perspective.
If one is simply retiring, assume none of this applies? I am retiring in Feb., perhaps early March to grab some vested shares.
these policies as well as non completes are very hard to enforce and in many states illegal.
If you VOLUNTARILY give notice and you tell them you're going to a competitor, they will make a decision to either let you work your notice period (if you give 2 weeks, etc.) or they may terminate you immediately and pay you out the 2 weeks. You only get a longer period such as 60 days if they are laying you off/position elimination/involuntary separation.
Typically a "garden leave" period is only for senior executives/individuals with access to extreme trade secrets/proprietary information that have an actual contract with the company. These contracts would contain a specified non-compete clause that is in writing that you have to take a 6 month break, etc. before working for a competitor.
I think that 60 days is applicable to directors in the commercial bank. Read the grant award for last years stock award and you will see it.
Then why would the genius ask the stupid question?
For whom is a garden leave required? What level of employee? Can't find anything about it.
They said they don’t have one you mo--n
Get to the chopper! Do it now!
The fact that someone on a Director level would come here and ask this question is a prime example of the type of leadership at Wells Fargo. The stagecoach is sunk. SMH
Don’t have one, which is why I am asking
It's scary that you are a "director" but don't know these answers for your situation. What does your garden leave contract state?
I am in the same boat. How would the company find out if I went to work for another fin services firm? I know a guy who left last year for PayPal, didn’t tell Wells Fargo anything.
If Garden Leave is required 60 day non-working period . You will get paid for the 60 days but will not be able to work
Enjoy the paid vacation