Categories: Financial Services

The scenario of a group departure to a competitor is one that arises time and again in the financial services industry, from trading desks to private wealth management teams.  These cause significant concern and anxiety for the employer from whom the employees depart, but also some concern and risk for the hiring employer.  Often the teams quit all at once, but sometimes, in an attempt to avoid claims of violations of fiduciary duties or non-poaching clauses, teams have the junior members resign first and the senior members follow later.  Our colleagues at the Trade Secrets & Noncompete Blog have written an excellent summary of a case filed by Charles Schwab & Co. Inc. in Texas state court yesterday against former employees who staggered their departures to a competitor.  The post highlights the risk involved for the team when it departs over time, and is therefore a worthwhile read for financial services employers who can find themselves on either side of such transaction, as either the hiring employer or the former employer . . .

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