Anyone know if there is a non-compete that is signed when hired at BNY? If we leave for another competitor is there a period of time where we can’t reach out to certain clients that BNY have?
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Having worked in HR there for some time I can confirm the contracts are not worth the paper they are written on, never have I known them chase up on any breaches, too damned lazy
I refused to sign a noncompete simply because I fully intended to compete with (then Mellon) and as fate would have it, they happened to be the first custody bank to buy my software. I went on to work two full time jobs for well over a decade. All of my sales were to Custody banks. I do have to admit that it became a bit of a drag after all off my customers eventually found mainframe and ere absorbed and all were absorbed.
I was always impressed that in my long gone first custody bank (1982) they would charge the customer for a conversion out tape. So when I was folding my company I built a conversion out facility and charged for it. I wrote it on Christmas Day, tested it and mailed the discs to all clients the next day. After that I folded my small business. I left with a lucrative Keogh plan, which is a self managed small business retirement account.
I always feel sorry for people who are frightened by running their own business. My business ranks just below my family . Never be afraid to follow your dream.
Eventually I folded my main business and came into the Bank.
Spot on @dh+1jpxa14z0
Poaching clients and employees? Please.
Only one thing matters to those unhappy or being abused here—— Getting out asap.
Who cares about anything else? LOL, and if you are going to steal a client, it takes more than the word of one person. And who is to say you cant propose it indirectly to the management at your new place? HR can’t do anything after that besides pick at the gristle you leave behind. Big Whoopie doo…
If you receive incentive comp, the acknowledgement you have to sign annually to accept them includes certain conditions.
I recall when a colleague was leaving, HR reminded him that he cannot hire away any BNY employees for a year. He was surprised and the HR person said, hey, you signed that acknowledgement and that was on there. (Of course, if you don’t accept the conditions, you don’t get the incentives, so no one has any choice.)
So carefully read it next time. I’m sure there is something in there about poaching clients.
Do the needful and ping Robin