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Know Your Severance Rights and Risks

Jitters on Wall Street are well founded for those without preexisting severance agreements.

November 7, 2008

Can Wall Streeters do anything to increase their chances of getting a good severance package in the all-too-likely event of being laid off? Yes — but not a lot.

Top-layer executives of financial institutions generally have employment agreements specifying severance terms. Many other key employees at the firms are required, before employment commences, to sign noncompete or nonsolicitation agreements that will kick in upon departure from the job, in exchange for severance. Read more...

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