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It’s already happening in the U.K. and now here in the U.S. a growing group of bankers are planning to sue their employers or walk away if they don’t receive bigger bonuses, according to the New York Post.For example, brokerage execs at Jeffries Group have threatened to walk away from the firm if bonuses aren’t on par with the Street.
However, that could be a bit tricky.
Last month, an internal memo from Jeffries CEO Richard Handler about their year-end bonus essentially stated that if employees leave the firm within the next year, they have to pay Jeffries back the portion of their year-end bonus received in cash.
Meanwhile, other major financial firms are hoarding their bonus pools ahead of anticipated complaints from employees, the Post’s report said.
From the Post:
“The really successful battles come before the pie is cut up, when you convince the boss to move the knife and give you a wider slice,” says Alan Sklover, a compensation lawyer who represents CEOs and bankers. “Banks don’t care about the reward, they care about retention. If you’re good and you make them money, they’ll do almost anything to keep you.”
While the overall bonus pool on Wall Street is expected to be 30% lower this year, receiving a paltry bonus is probably better than a pink slip.