I work with online payment processor and early during the covid pandemic we had some layoffs. They were all notices of 1+ month and everyone of them continued to work for the majority of the notice period. Nobody had anything revoked early.
I understand it happens, but it seems _way_ too common (reading the comments here) compared to what is actually necessary.
Yeah, I worked at a UK bank and was given gardening leave even when I left to start a (somewhat orthogonal) competitor. Actually, they didn't even insist that I served out my leave before starting work. It's an odd system.
In Britain it's called gardening leave, and it's common in finance and other jobs with tight security. You are paid, but you stay and home and do some gardening. (Or, more likely, look for a new job.)