Employee May Owe $4 Million After Accepting A Counteroffer!
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- Опубликовано: 18 апр 2024
- Employee May Owe $4 Million After Backing Out of A Job Offer. An investment banker at Credit Suisse who backed out of a signed offer to join a competitor, Jeffries, finds himself with a $4 million bill for breach of contract. What does this mean for the job market in the future? And should you accept a counter job offer?
Source: www.bloomberg.com/news/articl...
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This video won't apply to 99.9999999999999999999999999999999999999999999999999999999% of your subscribers.
You mean you don't get $12 million offers? Lame.
So, that leaves just me
I know, right? I'd much sooner make that kind of money off a roulette at the casino, than ever get a job offer like that
@@ALifeAfterLayoff😂😂😂
May be true, but still relevant to the HR world, which is what his channel is about.
Here is why you should never accept a counter offer: they should have paid you this in the first place. Their counter offer is admitting that they were low balling you knowingly. As for the claw back… that only works if there is no trial period.
It's hard to fully quantify your max salary at that level unless you have a competition to compare against
he literally made this video on this before
I would figure the claw back won't be in effect in a courts eyes until they got paid the first instalment of their guaranteed salary.
That's not a typical job. I applied once and thanks to them for being so frank with me. They are just looking for people with connections. Your worth is your clients.
This applies to several industries
How did that dude not have a lawyer with him to review the docs. Dumb.
He couldn't afford one.
@@item6931 😛
@@item6931 Sarcasm?
Yep, when you are that much in demand, it is important to hire a lawyer to review the contract.
@@whatevergoesforme5129 Maybe. Maybe not. We have a supposed billionaire ex-president who claims it is necessary to siphon funds from his election warchest to pay his legal teams...
"moneypenny" what a fitting name
This is a tough one. It sounds like he was very clear about the terms and signed anyway. While $4 million sounds insane, he did violate the agreement and financially profited from using the competitor’s offer to obtain an increase at his current job. If he was very clear about the terms, he should pay. If he misunderstood the terms, he should pay a portion of the $4 million, a compromise payment.
In my opinion, he did this wrong. If he wanted to stay with Credit Suisse, he should’ve never signed the offer. He could’ve mentioned to CS that he received an offer from a competitor that was almost impossible to refuse in order to give them the opportunity to counter. Why sign on the dotted line on a such extreme terms when he didn’t really want to leave his current employer?
If someone is making a $12M offer for your employment, you'd be smart to hire an attorney and have it checked. They guy clearly was not smart enough.
The only real problem I see with that is that the job offer could potentially be covered under a previously signed NDA, like if they required you to sign one to get the job offer details.
@@NathanaelCrapo He wouldn’t have to mention the company name. He could’ve said, he received an offer for $12 million from a competitor. He wouldn’t have to disclose the name but it would open up the conversation as to why it’s impossible to turn down.
Folks reading this are miss the point! Non competes used to only apply for VPs and CEOs that now apply to everyone to lower wages. If this man loses all of us could be hit with clawbacks and damages if we job hop while we are still right to work making this a one way power trip
wtf? he's not a victim, he knew the risks and played roulette anyways out of greed.
win or lose, it's all on him.
100%, guy took a huge risk and lost.
I think it's a stretch for companies to claim damages for this, especially of this magnitude, when a potential employee should have the ability to walk away if the offer is no longer good for them regardless of the circumstances that led to that decision. I'd be more sympathetic if the employee agreed to a 2 year term on those conditions and walked away 4 months into a new contract, but otherwise it's just setting a precedent for practices that feel predatory in nature and no one should personally be on the hook to pay for the employer's expense.
I know there's the argument that "he shouldn't have signed it" but I would argue that clause shouldn't exist to begin with.
So the main argument here by Jefferies is that the employee played the same game that employers play, gaming competition in order to benefit themselves. What do you think wages are? They game potential employees, pitting them against each other, going with the most qualified for the least pay. But when an individual does that, they have an issue?
I get that the guy signed a "claw back" clause, but that's not my point. He simply did the same thing that the very people who employee him (and their competitors) do to him (and their other employees).
A banker called Moneypenny... thats so funny 😅
With a name like that, what else are you going to do with your life, right? 😂
@@zacharyo16 Be a secretary, maybe? 🤣😂
This situation, by definition, isn't a "clawback". These people signing would've needed to receive an advance from the new employer for it to be a clawback. Like Elon had with Twitter, this is a walk-away/back-out penalty
Kind is surprised these people weren’t locked into non competes.
Financial sharks negotiating with other financial sharks and double crossing one another. Few subscribers will have sympathy for either party. It went to arbitration first, as well. His chances of winning in arbitration were pretty close to zero. Now it's in court. I doubt it'll affect the rest of us.
I'll take that to court. And I'd move out of country if I lost lmao.
Don't care if it's in the fine print, that's outrageous.
Being totally honest I don't think I would want a salary like that. Way too many strings and expectations.
true... its almost too much work being rich without any prior experience being rich lol
waaaay too much pressure, there's no way I would be able to maintain it
I was thinking the same thing. The ONLY way I would want this kind of salary is if I'm building my own business and earned it
These are the same people that crashes the stock market. I don’t think their standards are too high. Just try it out if you’re ever granted the opportunity.
I'm not sure I'd call it a "clawback", since (if I'm understanding correctly) he hadn't yet started at Jefferies, and they hadn't paid him anything when he decided to return to Credit Suisse. It seems pretty dumb to sign a contract for a new job and try to use that against your current employer. The time to apply that leverage is after your attorney has looked it over, but *before* you sign anything - if Credit Suisse offered to bump his compensation in response, he could then have instigated a bidding war between the two companies and just gone with whoever's final offer was best. In any event, if the signed contract says he owes Jefferies $4M, then IMO he needs to suck it up and get his checkbook out.
wait, clawback, meaning that's not punitive 4M out of the blue; the candidate received 4M in the first place?
This reminds me of a company I was going to interview for that I saw their intro videos for and it stated they would charge you if you left the job without a notice. Didn't even seem legal but I did not go through with them. Screamed red flag.
This could have long term implications down the line. I can imagine, especially with the end of non compete clauses being disputed in CA, that more companies are going to add this to their offer letters. I can see this making its way all the way down to the PT summer retail jobs.
How do you know you should refuse the offer? When they make you an offer you can't refuse.
Always read what you are signing. It's hard to feel sorry for this person when this guy was making millions at his one job and the job he was going to apply at was going to pay him millions. I have spent my whole life making 40,000 or less a year and struggled my whole life.
I totally understand not reading the complete terms and conditions because I don’t. But when millions are involved I might just read everything
@@757Princess you think he would have done that given the amount of money that was being thrown his way.
So all I hear is they know they work in an at will state, and know they can have employees leave at any time, and got butt hurt that people who didnt evens tart working yet decided to back out and stay with their current employer. Im sorry but if your an employer and all you did was give an offer and nothing was paid out after the acceptance of the job you have no footing to sue anyone.
Omg. My brother in law (Swiss) was a private banker with UBS and Suisse until he retired recently. He had the charm and golf skills to woo his rich American clients but I’m pretty sure he didn’t make that kind of buck! Wow. What an interesting story. Thank you.
"Non-negotiable term" in a contract is the best joke this April 1st!
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
You're right, with my current crpyto portfolio made from my investments with my personal financial advisor Stacey Macken , I totally agree with you
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Twist - Credit Suisse terminates you after arbitration +claws back the legal fees they fronted for you.
Counteroffers rarely work from what I’ve seen - if they weren’t treating you well and paying you what you were worth before what makes you think they’re going to treat you like gold when you come back?
When you receive the contract (or concept), it is not signed yet by you... that is the moment to use it for leveraging...
No one is worth that kind of money, that’s why the world is terrible and broken
Who decides who is worth how much? You?
@@ForgottenKnight1 yeah, and I say that no one is worth that kind of money.
I turn down million dollar job offers all the time. 🤣🤣🤣
The word here is "GREED". 😱
Clawback of what? The person didn't even work. Shouldn't the company have to demostrate the losses?
Clawback? WTF is that,? Sounds like a botched reacharound/cluster by The Man...no wonder everything is so messed up.
Question: why do some recruiters on LinkedIn list one single job but in numerous city locations? Wouldn’t it make sense to list it only one time?
Absolutely love your channel- can you make a video about seasoned professionals (Im a Senior Book Designer with over 10 years experience) who want to job hop after 2-3 or 4 years… This seems much more difficult because we have so much experience ? I feel like no one wants to pay what I’m worth because I’m so experienced in my industry. I also don’t want a creative director role because its meetings and emails alllllll day 😩 idk might be an interesting video if you can sort it out. thanks!!! 🙏🏻
10 million?? 10,000,000???? Ten Million?????? What field is this??????????
Play stupid games win stoopid prizes
I knew that some companies made you pay for training if you left before a specific time (the training from my previous company in particular was quite valued in our industry). I had not heard of this offer clause, but it does not surprise me.
Would be interesting to know if this was in a state with "at will employement" (at least I believe that is what it is called).
He could then claim to have signed, then resigned (at will so any time for any reason with no heads up) and then signed back with his old employer.
in your videos about layoffs did you take into account section 174?
There should be no more fine print and contracts.
When a corporation gets finessed by an individual hahaha. Usually the other way around so u know the employer is gonna get revenge.
In my state they can fire you for any reason they want. So, you can also quit for any reason you want. Knowing California they will let this company sue and get money form the guy.
California is pro employee - We are a right to work State - so no
No way "Moneypenny" is that dude's last name by birth
This is a nice dilemma I am unlikely to face lol
Well, since you said he knew about the 4M beforehand, I'm not sure why this video is so long...
He should pay it and be quiet for not reading stuff.
Considering the amounts of money investment bankers can earn I don't feel particularly bad about this.
They're just trying to scare him. That's a frivolous lawsuit.
I once signed a $15 million offer but declined it
Didn’t Credit Suisse go BK?
He should not signed if there is such a clause in the job offer. One should read any document before signing.
Want to be rich be a politician instead, remember to drop your humanity on your way there.
You lose your humanity in corporations and non-profits anyway once you become an executive chief, VP, Sr. Director. The moment you show signs of teamwork, compassion and other lame traits like empathy, someone will see this as traits of an ineffective leader and you’re DONE. 🪓
If you are at this poiny in your career making millions you should know this kind of stuff.
No sympathy there. Good luck.
Claw back from what? No money changed hands
Sure, he can pay back the 4M.
After they pay his guaranteed 2 years. 😂
That guy's name is really MoneyPenny? Wow
I wouldn't have signed that.
Either youre happy in your company or youre not. 🤷🏾♀️
I agree with Bryan. I would never accept a counteroffer. If you want to leave, simply leave.
Funny the guy is called Moneypenny
Technically, there are no contracts. Employment is at will from the employers end, no matter what is signed and if not in a union. This is funny when the situation is flipped.
lol credit Suisse doesn’t even exist anymore
And all the Tiktok GenZers watching this and thinking "yeah gonna make it into big millions when I get my Bachelor in Finance" 😂
From what I understand (through 2nd and 3rd hand sources) Investment Bankers often work extremely long hours with a lot of pressure, and very little downtime between projects. And you're always on the edge of getting canned. Work on a project for months and a deal doesn't go though? You're cut. Need to take time off for a sudden family emergency? You're cut. Stay too long without getting promoted? You're cut.
It's one of those jobs where you can make a lot of money, but have no time to actually spend it.
Your family gets to spend it. You get the appreciation from your family.
@@robnelson6545Then your wife divorces you and gets a huge alimony award based upon the salary.
The objective is to die rich, not actually enjoy life. duh 😉
I need this type of salary 😭
Me too.
I saw the headline and expected to see a story about some company using a shark lawyer to stick it to an employee. Nope. This is just someone who should have known better signing something without reading it first.
I am astonished they operate at California. 😂
One word, unconscionable.
you dont tell anyone your looking for a new job until you have it signed off on.
and when you do let your employer know you're leaving you NEVER change your mind and stay as you've already let them know you're one foot out the door.
I guess this means that before we sign a job contract, we need to read the boring and complicated list of terms and conditions.
To me, unless they can prove that this cost them $4 million in damages, they will lose in court.
He signed a contract in good faith. Can you hear that? No, that was me playing the world's tiniest violin‼
At that level of comp you need to pay a lawyer $25,000 to review an offer to be 100% sure. Still, it does seem that they may have a very hard time enforcing any "claw back".
He knew exactly what he was doing, and now has to pay the piper. You don't get to that kind of level without knowing exactly what's in your employee contract.
I don't know what his plan was, but it obviously didn't pan out.
I don't see a problem with a claw back clause at that high level of a job offer, though it definitely should never be one sided.
Who tf is making 12mil per year? The president??
I don’t think the president makes anywhere close to that much money
The Padishah Emperor, Shaddam IV probably makes that much.
The Spice must flow.
If he signed and didn’t read that’s on him. Pay up. Very interesting. I’m in corporate legal.
He should pay back, off course. He was aware of what he signed.
What an actually stupid thing to do for people who should have better, I don’t know, decision-making skills? Are they just so skilled they don’t have to worry about those kinds of things?
First!
Sounds like he made the same mistake that Musk made when he tried to back out of his offer for Twitter: he didn't read the contract before signing it. Break-up clauses aren't uncommon in deals involving that much money, either when buying a company like Musk was doing or just shopping for a hefty pay raise like this guy was doing.
He should pay
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