HF non-competes
Hi folks How does non-compete work at Hedge funds and other fintech firms like Citadel, Two Sigma, HRT, Jump etc? For engineers (swe and sre) on h1b visa, is FAANG always a better option than these high paying fintech? If h1b engineer wants to jump back from fintech to faang how to navigate the non-compete? TC: 210k YOE: 9.5 #faang #citadel #twosigma #citadelsecurities #facebook #amazon #square #google #aws #h1b #hedgefund #hrt #janestreet
FYI, non-competes are not enforceable in California, even though your employer may make you think otherwise
most HFTs are in NYC and Chicago. Over there non-competes are enforceable. So, there are following four cases. 1. NYC (HFT) to NYC (BigTech) 2. NYC (HFT) to WA (BigTech) 3. NYC (HFT) to CA (BigTech) 4. NYC (HFT) to NYC (HFT) In which of the above cases, there is likelihood of non-competes being enforced.
Non compete periods generally require the company to continue paying you. There's essentially no reason a trading firm would exercise a non compete if you're moving to a large tech company. The location of the new firm has no bearing on the validity of the non compete (look up "choice of law" clauses). Consult an employment lawyer if you have really high-stakes questions about your contract.
Bro, are you a SWE that that TC at Apple?
Got lowballed. Landed in a bad team at Apple. Apple is heavily team dependent
Jane Street does not use noncompetes.
If you are moving back to tech i.e not a direct competitor to the trading firm, then there is no non-compete exercised almost all the time. I have seen some cases where people who moved to another trading firm did not have to honor their non-compete.
Most HFTs are in NYC and Chicago. Over there non-competes are enforceable. So, there are following four cases. 1. NYC (HFT) to NYC (BigTech) 2. NYC (HFT) to WA (BigTech) 3. NYC (HFT) to CA (BigTech) 4. NYC (HFT) to NYC (HFT) In which of the above cases, there is likelihood of non-competes being enforced.
Basically if you are moving from HFT to HFT, regardless of location, expect to serve non-compete. Also depends if you are a SWE who is front office or back office. Back office folks sometimes get no non-compete. Have had some back office folks from Citadel, IMC, and HF desks in IB’s join us, they all came within a month of leaving their former firms.