Wall Street wins non-compete clause bid

Piling pressure: Office workers are seen near the Goldman Sachs Group headquarters in New York. The bank has been lobbying in recent months to allow non-competes to continue in contracts for employees earning more than US$250,000 per year. — Bloomberg

NEW YORK: Governor Kathy Hochul has vetoed legislation that would have banned employee non-competes in New York, after facing intense pressure from Wall Street, hospitals and business groups that opposed the measure, according to sources familiar with the matter.

The legislation (S3100) rejected by Hochul would have barred employers from imposing contract language that prohibits employees or other “covered individuals” from obtaining employment after leaving their current jobs.