Got laid off today. I was based at home. Been here for 10+ years. Received exceeds expectation most of my career here.
Looks like they are cutting a check for severance and also a stipend for health insurance.
Are we sure none of this is negotiable?
28 replies (most recent on top)
i dont see any sub payment mentioned in Separation Agreement
should the sub payment be mention in the Separation Agreement or does that come in from somewhere else ?
@g6 I agree with the other post. They are taxing these payments as additional income and much higher than a normal paycheck would be taxed. That will make no difference at tax time. The 22% is the rate for additional payments. Not sure why you think part of that would be refunded at tax time. If they pay you 10k as an additional income payment and withhold 2,200, then you aren’t getting any of that 2,200 back because it’s how much tax you were supposed to pay on ‘additional income.’ Amazing that you can’t comprehend that.
The FACT is they are advance tax payments. They will be refunded (part of) based on your wages for the remaining year. What is so difficult to comprehend. No wonder you got kicked out - you deserve to be
Really frustrating when someone comes and says that 60% of your severance is gone - will never see it.
@fv - who is finding a job the next day? Lol. In NY you can’t collect unemployment until after your severance runs out. Meaning - if your lump sum is for 15 weeks, you can’t collect for 15 weeks. It gets taxed at 22% flat rate for fed (ask me how I know lol). The stipend will be taxed between 20 and 40 percent (research it). This is all ‘additional income’ and taxed differently than a normal paycheck.
What are you spreading ?
If you get a job the very next day , then this is a WINDFALL - deserves to be taxed at a higher rate. If you do not land a job say for the same amount of time that the severance was provided then you break even and get the money back from IRS and state as refunds. Yeah you may have lost the interest on that. Meanwhile you have another paycheck - another boon - coming in as unemployment income. And depending upon the state it is not a small money. In NJ it is around 700$ a week with no state taxes
Say you get a job midway through - the remaining period is another bonus and deserves the tax burden.
We work in financial industry. Do not pull this tax BS. April 2026 there will be big refund check - count that too! ..
Just an FYI - the lump sum payout is taxed at 22% federal withholding. It’s considered ‘additional income’ and will also have state tax , Medicare and social security withheld. You’ll be lucky to get 60% of your actual payout. The healthcare stipend will be taxed between 20 and 40 percent.
Sounds like a sweet deal, congratulations!
Take advantage of the paid time off to find a better job. Good luck!
Pray for all the folks laid off today,stay strong! Happy to help in anyway but we don’t have the DM option here..use fishbowl and join BnY company bowl,I am happy to help with any referrals or available for resume review ,or I am all ears..please take care of your mental health and well being,your family needs you and finally to 42, F**k you, RV’s stooge!
@bc+1jmd79abx Sorry to hear that,employees like you deserve better! It will be a pain short term but once you get another gig,this place will fade in your memory and for sure its BNY’s loss..all this will lead to a snowball effect and this place will go downhill very soon,for sure!
I was let go today. Was in office, not told to work from home. Always on model for working in office. Excellent reviews. Oh well, it’s the company’s loss.
Stop deductions to any commuter benefits and put any balance on your card. Do this quickly before BNY sends this vendor your termination info. Otherwise you loose whatever funds you have in these accounts. Request your employee records from HR - be specific about what you want - Performance reviews, etc. Save the email for evidence of what you requested and when you requested it. Timing matters. Do this ASAP before severance starts. Once you’re not considered an employee BNY is not required to give you access to these files.
Got notice today - SVP in NYC after 25 years. Supposed efficiencies of the plat-form model which in reality changes not a blessed thing in my area. In reality it’s just another excuse to cut staff. Getting 50 weeks of severance & $9k to cover a portion of COBRA medical. Not as good as the.SUB package, but with all the cuts to benefits I’m surprised they’re still this generous. Will probably take unemployment for 6 months & then enjoy retirement, so I’m one of the lucky ones. In a couple of weeks there will be firings for cause due to the forced ratings & in another few months more cuts because of the supposed savings of the new model.
Hey 42 - don’t you dare say there aren’t any layoffs - you’re just a $ht stirrer with no life and a damned liar so shut it!
Good luck to everyone!!
It is incredibly sad to me that many employees were let go today simply because they are WFH. Many are WFH only because BNY closed the office to which they used to go. These employees are some of the best at BNY with many giving a decade or more of their lives to this company. BNY is not training replacements for theses employees so the institutional knowledge and experience being shown the door simply cannot be replaced. Also, there will be some markets where BNY will not have any market presence. There is no reason or explanation for this other than senior management simply does not understand the business and they just want to cut costs based on some arbitrary promise to investors. Unfortunately, I predict that this will cost us all in the end!
Ge-z. How despicable… So as they tell you your positions eliminated, you have no idea if you’re getting the severance earned or if you’re one of these people they’re sc--wing out of severance? What a great company- sending you an email
aq+1jmd79abx
You will get a full regular paycheck on 2/28 and 3/15. You should get regularly paid on 3/31 but only covering the days to 3/20 I was told. Then severence kicks in.
They basically just told me my position was eliminated and I would get more details via email within 24 hours. I’m curious too is our last paycheck is 3/15 or 3/31
@a1+1jmd79abx For sure I knew it was only a matter of time especially being based at home. I think for most people it’s not if but when. Might be this year might be in years from now. Up until this year I knew that I would be safe because of how bad this place needed my skill and experience. I knew that wasn’t the case any more as they don’t care about clients or keeping the best employees.
@a2+1jmd79abx did they tell you didn’t work hard enough when they laid you off? You should ask for more money and tell them the manager said you were getting laid off because you didn’t work hard enough despite what you mentioned above.
Their talking point should only be that they are getting rid the position.
@a7+1jmd79abx I am based at home. Another person I know had gone into the office.
@a9+1jmd79abx They spoke to me about the details. I get regular pay until March 20. I get a lump sum of two weekend per year I was here as well as a little over $10k for a health insurance stipend.
Were you spoken to about the severance or did they just day here is an email read it, and react or sign?
Were any of you on-site when given the news or were instructed to WFH?
It seems to be a bloodbath today including me. Many in Pittsburgh but sure elsewhere. Sadly it probably is just the start of it.
I didn't get sc--wed over as far as I can tell, but I am sure there are some who did.
May it lead you to the best job of your life. Surely you deserve better than BNY.
grade/org? that will tell a clearer picture
I wonder if 3/15 is the last paycheck or 3/31… I too was laid off today after more than 18 years with the company. Not sure how this new severance plan will pan out but I’m sure it won’t be good. It’s going to be taxed like crazy I’m sure. And medical coverage will stop at the end of March. Not sure if this ‘stipend’ is to cover out of pocket medical costs now or what. Like - I have daily medication that I take. Ugh
Same story here. Based at home and they let me go even though I had done some incredible work. What was insulting was that they made up the excuse that I didn’t work hard enough when I exceed expectations multiple years and double my teammates productivity the last few months. Wild. I guess if your based from home nothing matters.
So sorry that you became a victim. You had to know this was coming for you. Nothing is negotiable in this matter. You should be getting full pay for this month end and 3/15 and the severance kicks in according to the new rules. Hope you find something new