Morgan Stanley Upping “Gardening Leave” Ante

Acknowledging that prestige alone is no longer enough to retain employees, Morgan Stanley has opted to insert “gardening leave” clauses into several top managers’ new contracts. Under the new provisions, managing directors will have to sit on the sidelines for three months while members of the management committee will have six months to hone their golf game before getting a new logo on their business card. And if the senior folk refuse to sign? They lose the stock portions of their bonuses--which, as we all know, usually represents half of all their comp or more. Sucks for them.
MS Stars Must Sign Anti-Poaching Contracts [NY Times]

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