TL;DR CNBC

One of Wall Street's favorite ways to control workers is under attack

Publishing timestamp: 2024-02-08 07:51:51

Summary

The article discusses the Federal Trade Commission's aim to ban non-compete agreements, which could have significant implications for Wall Street and other top employers. Wall Street firms are opposed to the ban, arguing that it would hurt competition and the economy. The article explores the potential outcomes if the ban is enacted, including increased movement among roles on Wall Street and the need for firms to focus on employee engagement and compensation. It also mentions alternative tools that firms could use to discourage employees from leaving, such as deferred compensation and stock options. Additionally, it notes that even if the ban is implemented, firms can still use other agreements to protect their proprietary information and trade secrets.

Sentiment: MIXED

Tickers: JPM,  C,  MS,  GS,  BAC, 

Keywords: careers,  personnel,  workers' rights,  workplace culture,  bank of america corp,  business news,  legal proceedings,  jobs,  wall street,  laws,  labor economy,  products and services,  technology,  morgan stanley,  jpmorgan drn,  citigroup inc,  goldman sachs group inc, 

Source: https://www.cnbc.com/2024/02/08/one-of-wall-streets-favorite-employee-control-tactics-is-under-attack.html