In a new twist in the war for talent, Goldman Sachs is considering enabling tougher noncompetitive clauses in exit agreements.
Goldman banker Omer Ismail left the company, with one of his deputies, to join a startup backed by Walmart. According to Ismail’s LinkedIn profile, he is the “cofounder and CEO of NewCo backed by Ribbit Capital and Walmart.” The Harvard MBA previously served as “head of consumer business” at Goldman., considered confiscating the former employees’ vested stock options. As part of a banker’s compensation, the professional receives a base salary, bonuses and stock options.
The threat seems like a fastball thrown at the head of a batter to get him to step away from home plate. In this instance, the intimidation may be both directed to the job switchers and current bankers, brokers, traders and other professionals who will think twice before leaving for another opportunity.
Wall Street, similar to other sectors, has its fair share of talent leaving for better opportunities, more money, a new business venture or joining a fintech company, hedge fund, private equity shop or cryptocurrency exchange. Usually, there may be some hurt feelings, but everyone involved recognizes that switching jobs is part of the game. It's highly uncommon to seek out financial vengeance, especially without any misconduct involved.
It was further reported that Ismail’s deputy and other unrelated parties may have been subjected to claims on their unvested options and other remuneration. A spokesperson for Goldman said about the situation,"Equity awards are governed by the agreement signed by the recipient. In each case mentioned by
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