Couple of people I knew were let go. Some received severance and some did not. One of the guy who was on PIP got no severance. Be careful and document everything. Make sure your boss is happy.
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@jr oh please tell us where you’re from that you think you should speak on anyone else
Any NYer gone is a good thing!
if you have a long tenure and they make up a poor performance story to eliminate your severance, ALWAYS get an employment lawyer and fight it. BNY will end up paying something. They factor the people who fight them on this BS and win into the cost of doing business.
The morals and ethics of the leadership all the way to the top is truly disgusting. glad i got out. True financial visionary leaders do not go the BNY to work, only the subpar.
@dn and @dw Depending on the state you live in, accrued and unused vacation is not paid. For example: NY does not pay it so if you have accrued 10 days and haven’t used any, you lose it. However, if you have purchased vacation that you haven’t used, that will be paid back as part of the lump sum severance. The severance is taxed at 40%. 22% fed, 9ish % state, 7-9ish% for Medicare/SS.
Unemployment cannot be collected until after the severance time has passed. So say you get 20 weeks severance pay - even though it’s a lump sum, you can’t file until after 20 weeks.
Medical/dental benefits continue until the end of the month following your termination date. So if you are laid off this month, your termination date will likely be 30 days from the date you are notified and coverage would continue through the end of September.
There is a 30 day notice period where you will continue to get your normal paychecks on the 15th and last day of the month.
My experience is all with NY so if you’re in a different state it may vary a little.
@dm
Yes, you are right and B8 is saying the same thing to a ‘T’. B0’s point is that you have to try to do something / anything. Upon examination, It is almost as if any ‘bonus’ you get should not be spent while working here. That ‘bonus’ is actually your rainy day fund. And yes, that too is hard to bear since many of us live paycheck to paycheck here. This place definitely is not taking care of it’s employees. If you make 100k a year and want to save that same amount as a rainy day fund by devoting 10% of your paycheck on top of all else you do, that means peeling off $600 a month for 12 years or so. 12 years. Kind of appalling …… but… yes… you need to do something. Best thing is to invest all your bonus in an emergency fund and forget spending any of it. The severance is no windfall at all.
One thing is certain:
We have no workable future at BNY whatsoever. No job security and a bleak rainy day security.
Additional questions:
- Can I file for unemployment immediately?
- if released on 9/30. Does BNY pay you for 4 weeks? Or do biweekly payments immediately stop?
Trying to gather some facts so I can plan ahead for my exit.
If I do get a severance package:
- is vacation balance paid?
- do you get health benefits and for
how long? - does FICA get taken out of the
lump sum? If yes, is that netted
against what you have already
paid during the year?
Any other considerations i need to think about?
I am sure these questions have been asked on this site, so sorry if repetitive.
@b8 with the cost of everything how tf is that an option? Not everyone has a partner with a second income to help and every time you turn around theres an unexpected expense for house, car etc. so lets be realistic
You gotta be a su---r and likeable. Most of the people I know who were let go is because they were not good at making connections or likeable. Su-k at your job, it’s okay but can you please your manager or other managers.
I’m hearing more last 2 Mondays of Aug. It’s just the “norm” now. Very inspiring.
@op - one lost in Risk in NYC
@b8 Agreed saying create/build an exit fund is easier said than done. Speaking from experience having one even if not fully funded to the level needed is far better than not having one. The Bank has been acting on reductions/closing offices/outsourcing for a couple of years (really longer but they have ramped it up more recently). So exit fund/emergency fund/survival fund whatever you want to call it is a non negotiable line item in all current employees monthly budget. Or should be given what is happening and discussed on this board.
With other employment options difficult to come by you can hope you survive and get eaten by the stress of every layoff intel or start to take some control by creating that fund which may require some hard choices (reduce retirement contribution to free some cash - not recommended if you can avoid it, find other monthly expenses that can be reduced?)
Just recommending that if you are reading these posts and are worried by what you are experiencing around the office look to every pay period as an opportunity to build something to protect you if the worst happens. If you survive and don’t need the fund congratulations you have a pot of money for some other personal goal. But if you do need it you have no idea how good it feels to have savings to lean on when paychecks are not coming in…
@b0
B01-1k
—-Everyone should have a personal exit fund and be actively adding to it now while still collecting paychecks—-
You are right, but, its a bit of a conundrum isn’t it? How can one build a good exit fund and weather the storm for say up to a year and a half when a.) this bank gives pay raises that blow chunks and b.) if you have a family the money and bills come there first and your 401k second And c.) This bank has clearly demonstrated you arent safe enough to even get a good 5 years in here to build such a fund??? Problem is, we have no real protections here at all and that isnt about to change and finally - this is just a really bad place to work. It is drudgery not fun. And even if we were ‘safer’, we are wasting our lives here anyway. Problem is, it is a tough time getting a new position. With AI and outsourcing unchecked, it will only get worse.
Severance eligibility is generally dictated by your role (being eliminated such as project manager replaced by POD leader/organizer role for example), how expensive your package is based on salary/longevity, and the pull/power/senority of your manager. If you are in a role/group not being targeted, you have a low-level manager, and you would get a relatively large package you are likely not on the path to layoff with severance. You are likely a target for staff reduction tactic as described in other posts - basically making you so miserable you want to quit or start showing your disengagement and get put in the fire with cause path.
Bank has been making it very clear that investing in people is an outdated concept. Instead non growth centers will see AI investment and staff reductions.
Everyone should have a personal exit fund and be actively adding to it now while still collecting paychecks.
If you’re let go due to poor performance youre not getting severance. Only kf they actually lay you off
— Make sure your boss is happy.—-
What a stupid thing to say.
If the boss is a miserable stinker or a two faced sk-unk, nothing you can do or say will help.
@a3 Pershing product marketing
@OP where and what group did this happen