What is everyone hearing about severance packages?
39 replies (most recent on top)
There are no more layoffs. There are only terminations for cause for the many employees who failed to comply with RTO requirements.
After the terminations SUB, or severance as people here mistakenly call it, is going to the industry standard two weeks.
Were you fired for RTO noncompliance?
Back to a question asked earlier, is there another set of layoffs scheduled for July?
We get it - non-compliance of policy is subject to termination without benefits. I don’t think that is necessarily a new thing. It may be a cost effective way to reduce staff in non-growth locations but that’s not the only people being laid off.
Non-growth locations are definitely being targeted and if there’s not enough people to target due to non-compliance, there are others being let go. I got notification in June. Just received my confirmation of benefits letter. In addition to 2 weeks SUB for each year of employment (and there were a lot), I can continue with the medical, dental, and vision plans I was signed up for. Even life insurance and healthcare FSA continue. Looks like the only thing that went away was long term disability.
Bottom line is if you think the only people being let go are those not complying with RTO or any other policy, you are not as informed as you think you are. There are plenty being let go solely because they are not in one of the growth locations. My manager even told me that he was required to list training someone in Lake Mary as one of his goals for this year. I think that pretty much sums it all up.
You mail it in during those glorious two year Netflix WFH days, and now it’s time to pay the piper. No RTO, no package. Nothing is deserved for quitting.
The truer the post, the higher the downvote.
Always amazed to see that the truthful posts are the most downvoted.
Absolutely YES. Allow me a shout out to publicly thank all of the RTO Refuseniks who voluntarily quit their jobs for free so that the compliant workers can be laid off with a package.
Thank you
Hearing a round of separations this week. Can someone confirm?
Exactly… why displace with a costly package when our most toxic employees are quitting for free by refusing to come in to work. People quitting for free is a beautiful thing. You only lose those with the worst attitudes.
This is great news! It’s the best way to handle displacements ever. No layoffs and so called employees who refuse to honor their contract to come in to work are displaced with cause.
I think that Robin Vince was a slow learner but he’s come to understand the spoiled workforce which he inherited from Todd.
I think that he might just save this bank.
No gimmicks. They aren’t laying off, they’re terminating for cause.
Why would you lay off good employees and pay SUB when you can fire employees for cause for free.
I was on the fence with Robin but I’m more and more impressed. You cannot pay people who will not come to work. In all honesty this is a 16 year old life lesson.
I really think that this Robin Vince is going to save the Bank. He definitely learned a lot from the sense of entitlement that Todd gave to our younger employees.
We certainly don’t see boomers blowing off RTO requirements…
I observed three of them. They were all well under half of a percent.
The real action is the firing of employees who refuse RTO requirements. Because they quit they get zero package.
Agree with @fxs. Most all displacements now are for cause and there is no package. As I’ve posted here regularly, we are at will employees, and the Bank is an at will employer. Failing to meet RTO requirements is tantamount to quitting.
Why would anyone think that they could quit and expect a package? It’s literally insane.
It’s got nothing to do with the Warn Act, and it’s a toothless tiger anyway. Nothing goes to the displaced under the WARN act.
Yes. Once there was 12 weeks SUB plus two weeks per year. Sub decreases were the favorite cut through the layoff era in 2000 through 2008, 10% per year, no exceptions.
People were pi---d when the 12 weeks to start was eliminated.
It must be due to the WARN notice because I was displaced recently and I absolutely did not get a 60 day lump sum anything as part of my SUB.
@1sjk+1tfpnFPI That’s not true. They pay you 60 days of your subpay upfront. Once you sign your termination agreement then you can collect the REMAINING subpay - depending on years of service. If you do not sign, you forfeit the remaining subpay - now maybe this only for locations where they do this in place of the WARN ACT.
Are you saying that at some point, SUB payed more than 2 weeks per year of service? What are specific examples of the cuts you are referring to?
I was first to report this half a year ago and took a lot of hate here for warning all here.
No package for non-RTO compliant terminations.
Pretty sure that you believe me now….
If you’re fired for RTO you have no case.
If you’re simply not performing you’ll get SUB, which is a great relaxing vacation.
I've been hearing for 15 years that SUB was going away.. I'll believe it when I see it. The last SUB pay document I found was about 6 months old, maybe more, and it's basically unchanged. Wherever those rumors are coming from, it would be better to clarify, within reason, other than some no-nothing spreading false information as so many do.
I can't wait to sue this POS Company.
2 weeks period. Shut up fool.
For the people who said there were no layoffs this year…..
I was just let go in June. I was not in a growth location. I met or was above model for RTO. My evaluations were always met or exceeds expectations. I was a long term employee so my SUB package was for the maximum - 52 weeks.
If the rumors are true about drastically reducing the SUB program next year then I’m relieved that I got my layoff notice a couple of weeks ago since I’m sure that location will close within the next year or two. I’ve heard those rumors before and it hadn’t materialized but I don’t have a crystal ball and you just never know what executive management will come up with next.
Although that would be a quick reduction in expenses, I think it would be short sighted. How many additional employees would be spooked by that and start being concerned about the financial stability of BNY? Why else would they constantly be looking at how to reduce employee benefits? There are some expanded benefits but they would only be needed by a small segment of the employee base so to me that’s all for show. The cutbacks affect everyone - like the delayed 401k match. What happened to the theory that you get quality employees by offering better benefits than your competition?
They are phasing out the old supplemental packages by year end. No more 2 weeks pay per year of service. The new package will be 2 week’s supplemental pay total no matter how many years you’ve served time in this place.
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Fake news
There is NO immediate lump sum of 60 days. This exact scenario was questioned on a recent benefits review call for displaced employees and the BNY team was very clear. There is no lump sum component of any type within the SUB plan. Period.
@tft - no layoffs?? Where have you been? They have been laying people off every quarter. March, June, September and December. EVERY one of those months has had layoffs. The only one reported for WARN was Oriskany and it was reported the day of the layoffs. Ask me how I know.
They are phasing out the old supplemental packages by year end. No more 2 weeks pay per year of service. The new package will be 2 week’s supplemental pay total no matter how many years you’ve served time in this place.
If you’re let go for “financial reasons” as many in Oriskany have been so far (probably other locations too) then you get 2 weeks sub pay for every year. You get a lump sum of that (60 days) initially. Once you sign the agreement then you’ll get the rest of your subpay. If you don’t sign the agreement, you’ll only get the lump sum. Taxes are deducted so you’ll only get about 60-65% of what is quoted in your agreement. You’ll have benefits paid until subpay runs out, date is indicated in the letter. If you take another job BEFORE subpay runs out, you forfeit any remaining subpay.
" @yxs+"
It's not that the work ethic was lost, it was destroyed by mis-management.
Decreasing benefits for long term employees while giving newbies things we had to wait 20 years for.....there's just minimal incentive to "outperform" anymore.
How did the boomers survive 50 years of two hours of daily commuting plus weekends when needed? It’s simply only one more of the many lost work ethics in our bank.
I explained this here 9 months ago. Laying off is expensive due to paying SUB. That’s one reason why there haven’t been any layoffs this year, with Jan, Feb and June all cancelled.
Robin is smart enough to understand that our bank employment is at will for both the Bank and the Bank’s employees. We can quit at any time and the Bank can terminate us at any time. So, when employees fail to honor in office requirements they have quit, and there is no SUB.
That’s simply how it is when you don’t comply with RTO. Employment is at will for the employees and the Bank. You have chosen to resign.
Nobody gets a package when they resign. No SUB, no Severance.
It’s clear they are trying to do whatever they can to get people to quit or to be let go for cause to limit their termination payouts. BNYM lawyers did a good job of putting us in a corner with that employment document we all (in the US) had to sign a while back.
I don’t personally have an objection to the RTO but it has no flexibility. You can be in the office 5 days a week for 10 periods but miss the minimum requirements for 2 periods within 12 months and then be let go for cause.
Now there’s the education requirement on top of the mandatory training. Continuing education is always good but these days it is tough to squeeze it in because of the extra workload due to reduced staffing or because you have to train replacement personnel hired in a “growth” location.
It’s hard for me to understand the logic behind letting long term reliable staff go just to be replaced by staff in a designated growth location. It costs time and money just to bring them up to speed and you have no idea how long they will stay (causing a revolving door atmosphere) or if they will ever be as good as who they replaced. Same thing goes for talented people who quit because they could see the writing on the wall if they were not in a growth location. Maybe the replacement staff will turn out to be star employees but I’ll stick with the saying that a bird in hand is worth 2 in the bush.
Argument? The only option you have is to take what was offered or walk away empty handed.
My Senior Director told me that not as many people are getting "the package" these days and instead are just being let go for cause.
Have packages been reduced?
What gimmicks are being played to not pay 2 weeks per year of service?
How do we make the argument to get what is deserved?