Gardening leave Magic garden

Conventional wisdom in the securities business suggests most innovations blossom first in New York and advance across the rest of the world. That’s not always the case, as the spread of so-called «gardening leave» provisions among investment banks suggests. The policy of forcing employees switching jobs to work out long notice periods has been widely practiced in the UK. But it has rapidly caught on in New York of late. JP Morgan, for example, earlier this month instituted a policy that its ban...