I work in branch banking, my branch is closing effective January 3rd. If I stay and work till my last day, I will receive severance. If I leave or accept another position with USB before that, I forfeit my severance package. Either way, I lose.
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Thanks for sharing. I’m sorry to hear about you being laid off. Every person’s situation is unique but the advice from a prior post who went thru a similar situation in March is very good. I’d just say figure out your strengths, what you learned from the experience with USB, what you want to do long term, and and focus your time & energy on what is a good fit. Networking takes a lot of energy, takes time to build and maintain a network, but it’s worth it in the long run. In facing a layoff, there can and will be dark days but keep your spirits up—knowing you got a plan (and options) and a vision of where you want to be. // I imagine you would rather have control of when and how you leave a job, and not have the decision made for you. But it’s good that you got a severance package and some flexibility—you can use it to your advantage. Since I’m currently employed by USB now and stressing over possible layoffs in my group (credit card ops), could you share some details as to what the severance is based on—like years of service and pay grade?
Agree with the prior post.
I was beyond devastated when I was severed. The amount of resumes I sent out, the amount of interviews I went thru, and the amount of rejections I got was beyond stressful! My entire summer was ruined by stress and the unknown. I applied to stay at US Bank and quite honestly thought I wanted to stay. I wasn’t given the option to stay, and found employment outside.
I am happier. I blended right in with my new company, and am loving every second! I am making more money.
It’s terrifying. It’s overwhelming. It’s exhausting.
It will be okay.
Start looking now. It takes a long time to get thru interviews and hiring.
Don’t take an offer just to take it. DON’T SELL YOURSELF SHORT!!!!! You have experience and you are coming from a big bank who taught you well.
And take time for yourself and your family. My biggest regret was letting the stress ruin my summer. And I agree with the prior post as well…..no more sales. Coast thru the final days on empty and find your next destination. If you land a job sooner, use the severance and take a trip on US Bank! You won’t look back!!! That I promise!!!
More layoffs today on Portland.
So sorry to hear this. I know you will land something much better. Any idea which branches are closing? Wondering how large is the list. They really do a good job hiding all this info from us.
Count your blessings. US Bank is one the worst banks to work for by previous and current employees statistics.
Oh and BTW, if you’re interviewing while still working for USB, there’s zero reason to a) tell your boss or colleagues and b) tell prospective future employer(s) that you’re being laid off. They don’t need to know and it does you no good.
Absolutely stay on until the end and while this time is passing, use it to process, reflect, and look for a role OUTSIDE US BANK. I know of a few instances in which folks got laid off, were deep into a job search anyway, AND found a new role while still getting severance. Best of luck to you. I promise there is life outside USB.
I’m sorry you’re going through this. As someone who went through the same journey (position eliminated in March, asked to stay on through April, I would encourage you to stay on if the severance they offered is at all reasonable. Use that time to process the loss (yes, this is a trauma and grief situation), and work on getting ready for your next chapter. Network, spiff up your LinkedIn profile, use the career placement resources offered, and coast through the holidays knowing you no longer need to stress about performance goals and annual reviews. Bond with your colleagues in the same boat: share job leads and practice interviewing, look at each other’s resumes, check in with each other regularly. Give some thought to what you do and don’t want from your next job. If you can swing it financially, take a few weeks or even months to rest and care for yourself before starting your next role. This is tough, but you’ll come out of it stronger and happier. I’m just an anonymous stranger, but I promise this is a gift in an ugly package.