Many people are talking about the company ending SUB by the end of the year but I don’t understand the benefit of doing this. The cost is recouped within a year and it doesn’t seem worth the bad PR they would cop. Plus, the documents signed to accept the package are what prevent you from speaking to the media and participating in a class action lawsuit. I can see a cap but total elimination? I just don’t see where that makes sense.
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What has been observed is what is apparently many who breaching generous terms and conditions, which has led to a decision to be less generous hence.
@XcbjsG1-1hfc 1-2 weeks for each year of employment is fairly standard and there is nothing about BNYM's SUB pay that would catapult it into a "best" category.
@XcbjsG1-1hfc, This is our space to dicuss the company. Get off our board Monique.
Since people have been wholly unappeciative of the industry best separation packages, as evidenced by boards like this one, rest assured future benefits will be cut drastically and soon.
The rumor is no elimination of SUB. It will be modified from the current 2 weeks pay/year of service cap of 52 weeks to 1 weeks pay/year of service cap of 20 weeks.
The only PR consequence of note would be the cost savings the shareholders and credit analysts would see as a positive