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What Layoffs? Top Wall Street Traders Score Giant Paydays



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Mr. Ericsson left Citadel in June, but he won’t start at Millennium until September. Firms like Millennium, which manages about $50 billion, are offering such enormous pay packages that traders like Mr. Ericsson are willing to sit out more than a year before starting a new job. Firms often require former employees to go on “garden leave” before starting a new job so that they don’t take information with them to a competitor, but the waiting period is much shorter.Mr. Ericsson referred inquiries to a spokesman for Millennium, Guy Potvin, who said in a statement that the compensation figures Mr. Ericsson had quoted to associates were in …

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