Thread regarding Bank of New York Mellon Corp. layoffs

Exit Plan (After Bonus)

I changed roles back in June (moved up a salary grade), didn’t receive any training, then my manager and her manager left a few months ago. The group is being run by a consultant. I’ve never worked in such an unorganized role with no structure. I’m also a new manager (wasn’t told I had direct reports prior to starting).

I plan on aggressively applying for roles outside the company starting this week. I hear rumblings of larger than normal bonuses in my group since lots of people have been leaving.

  1. Do I have to wait until end of February to receive a bonus? Or do I only have to be employed through the end of the year?
  1. Any other tips/trick to optimize the timing of my exit, while still receiving a bonus? If I don’t have a new job lined up by end of February, I’ll likely resign till I’d find a new job.
by Anonymous
| 4845 views | | 10 replies (last January 1, 2022) | Reply
Post ID: @OP+1epfU0Kc
Comment! It's anonymous!

10 replies (most recent on top)

Don't resign until your bonus has been paid. I've heard of people resigning just before bonus is announced and still getting it but that is the exception. If I was a manager I'd look after the people who are staying.

by Anonymous
| | Reply
Post ID: @bufq+1epfU0Kc

TSG/ Production Services can expect an exodus after bonuses.

by Baron Trump
| | Reply
Post ID: @3iww+1epfU0Kc

Thanks for the feedback. Only thing holding me for now, is the potential for a larger than normal bonus. But not receiving any training and not having any experience in this area, along with no leadership, has me pulling my hair out. Throw in also being a new manager on top of everything and I’m miserable in this role.

If I was passionate about the area or role, I might try to power through. But I don’t see a path to things getting better. Time to ramp up my external applications!

by Anonymous
| | Reply
Post ID: @2amv+1epfU0Kc

Start looking now! New company will pay you more than BNY and perhaps pay the bonus. You need to be on through the bonus payout day to get it.

My experience is that the BNY bonus is not worth sticking around for and will be offset by higher wages and future bonuses from other Banks. Don't resign your job before finding a new one - looks bad.

by Anonymous
| | Reply
Post ID: @1zye+1epfU0Kc

You may want to look into the 30 day clawback before resigning 3/1.

by Anonymous
| | Reply
Post ID: @1llr+1epfU0Kc

The more people that leave the firm, the more opportunities for the rest of us. Good luck.

by Anonymous
| | Reply
Post ID: @1zoo+1epfU0Kc

To expand on what @1dhg+1epfU0Kc responded, if you give your notice of resignation before the bonus is paid, you will forfeit it.
Good luck!

by Anonymous
| | Reply
Post ID: @1ngq+1epfU0Kc

WTF is a bonus?

by J. David Barnes
| | Reply
Post ID: @1jwk+1epfU0Kc

Unless you are laid off (which I understand BNYM will still honor a bonus) have to actually be employed by BNYM on the day the bonus is paid (February 28). Therefore wait until March 1 and then give your notice, which I’m assuming a ton of employees are going to do next year.

by Anonymous
| | Reply
Post ID: @1dhg+1epfU0Kc

Why not try and take on the role being performed by the consultant? Your salary will grow over time and perhaps you will make the difference for the group.

by Anonymous
| | Reply
Post ID: @uep+1epfU0Kc

Post a reply

: