Business Services Industry
Investment banks seek to lock up top staffers;Legal clauses take aim at defectors.(Brief Article)
Crain's New York Business, April, 2000 by Gandel, Stephen
New York investment banks are turning from golden handcuffs to something more akin to the real kind. In an effort to retain their employees, more and more investment banks are inserting legal clauses in their employment contracts aimed at quieting Wall Street's ever louder game of musical chairs.
Earlier this month, Prudential Securities Inc. lost 10 employees from its asset-backed securities group to Credit Suisse First Boston. In order to stop more defections, Prudential sued CS First Boston and won an injunction in court barring its rival from taking any more of those bankers. At issue is a nonsolicitation clause that Prudential says was in some of its former employees' contracts that prohibited them from recruiting fellow workers to follow them to a...
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