One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business.
But it's also clear that Wall Street firms are under particular attention for the practice.
With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said.
Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive.
Even if the FTC rule goes through, Wall Street firms still have options to protect their business.
Persons:
Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, —, Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John
Organizations:
Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street
Locations:
Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts