Curious what the bank’s severance package is looking like these days.. anyone from a bank position been laid off recently and care to share? Hoping better than the 2008 packages..
12 replies (most recent on top)
Can anyone pull the updated severance language? Can provide a drop email to send it to. They're trying to not honor the bank 26 week severance minimum.
@sh so what is the company severance package? Is there a go site that states the package?
The 1Y package was a regulatory deterrent so USAA wouldn't suddenly skimp on compliance (layoff) in favor of exec bonuses.
@z5 that was due to the 2019 consent order and when that expired and the December 2024 consent order kicked in, they were able to change the severance package.
But yes, I also knew quite a few who were laid off during that time, and pocketed a years salary then landing an external role for almost the same salary, talk about lucky!
The full year severance was always utterly insane
I knew lots of people who got that and then had another job in 3 months
What a payout
The severance for bank was revised earlier this year to match the severance of USAA overall. It is no longer 6 months minimally. They quietly revised it and most people haven’t noticed.
As someone who was impacted back in October, and for those impacted back in January 28th, if you don’t want federal taxes taking out of your severance, email employee relations to let them know, they’ll email you a W4 to sign and return. But, be prepared to pay the tax next year.
The sooner employees realize they don’t want experience/ tenure- the safer they’ll be.
I didn’t get the 26 weeks. That was quietly amended back in Dec 2025 so that NOW you only get a check for every 10k you make. Ex: you earn 100k so you get 10 checks to cover 20 weeks.
It is minimum of 26 weeks or 2 weeks pay for every $10,000 of your base salary. Whichever one is more.
Losing system access is a big issue. Also, if you’re remote employee, you can forget about internal placement. No remote jobs!!!
@a6 so how do they determine if you get 26 weeks or more? Is there a formula (example: 26 + 2 weeks per year of service)?
It has changed, it use to be 52 weeks salary but Mike Moran changed it last year to now it’s minimum 26 weeks to a max of 52 weeks depending on your tenure.
You also lose all access to systems, including slack and email. I lost out on 2 interviews due to the recruiter sending them to my work email instead of my personal. When I told employee relations, all they said was “sorry.”