So myself, along with a few others I know were let go earlier this week. We were told it was because we were being ranked “below expectations” even though NONE of us ever had a bad rating in the 10+ years we all worked there and after our Mid-Year reviews, when we were marked trending towards BE,discussions were never had with us on how to bring those ratings up. I know that this has become the trend around BNY the last few years and it’s how they try to justify things. When we were let go(we were in different departments in the bank), we were told that we will remain employees of the bank throughout the end of the year, the we will receive a separation agreement letter from HR about staying as an employee for 60 days, through the end of February. And we will receive pay for the final 60 days. I am not sure if this is what they’re considering severance pay or something else. Not much information was given and any questions asked were left unanswered. Everything was told to me by my manager and I had zero communication with HR to this point. Has anyone else also experienced this recently? If this is severance, I’m not sure how it is calculated. I was always under the impression that severance pay was 2 weeks for every year you worked, up to 20 years, but maybe I’m wrong. Will I have someone from HR reach out to me prior to receiving my letter? I had the mail courier show up at my house yesterday with 2 empty boxes to ship back my laptop and monitor. If anyone else has been dealt with this over the last week or recently and can give further guidance on what to expect, that would be greatly appreciated as we are left in the dark here. A few of us were fully WFH and some of us were Hybrid. Thanks for the info.
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It happened to me last week. All of sudden my manager asked me to join a meeting which was set up just then. I was not even aware of this meeting being setup. All my manager told me is that my performance is below the metrics, if my performance is really below metrics why there was no Below expectation given during mid year review. I just received recognition for doing well and the next day he said my performance is not up to metrics. I don’t get it. Even I felt he was reading some kind of script, he used the words which Robin used during BNY live. Just this company is becoming terrible with these reporting structures keeps changing every year. Most of the team are from India and I am the only one here. They recently got some kind of big deal and hiring contractors from Infosys. They are laying off full time employees and hiring the contractors. This is not fair at all.
I received the box from UPS to ship them my laptop but no communication later.
There is no clarity or details provided about what is going to happen. Am I going to get paid? If so for so long? What happens to my 401k and shares? Could any one provide details.
Same thing happened to me this week using very similar language. It's like they are speaking using some script completely irreverent to the person they're speaking to and idk how HR gets away without being involved in these conversations.
After the garden leave period and sometime around mid-late January they will send you (either via personal email or mail) separation documents which state the 60 days of severance. I’d assume the language in the documents say that if you sign then you won’t sue them for more money.
2 weeks per year is general guideline but not law I believe.
https://www.linkedin.com/posts/colleenmpaulson_ageism-agediscrimination-activity-7406317126262616065-CT7q
It’s so sad to hear this. It makes me sick to my stomach. BNYM, once a reputable company now dumping staff for made up reasons along with poor communication keeping you dangling in what comes next. Also, incredibly stressful. So heartless. I experience a layoff in early 2024 (after more than 30 years with BNYM), received a year’s severance and it still stung. Yet to find employment. I hope they get the sh-t sued out of them.
Same EXACT thing verbatim happened to me this past week, 1 month shy of 18 yrs with the company. Now waiting for this mysterious letter to show up. In the meantime, trying to figure if it's worth seeking a lawyer and next course of action. I'm in NJ.
Unfortunately this story isn't new, and is becoming more commonly reported. There are a couple of relevant threads.
A federal lawsuit has been filed with complaints similar to yours. See BUY sued:
https://www.thelayoff.com/t/1k8v9yj09
This thread also has some helpful information. See Fight Them: https://www.thelayoff.com/t/1kbk9pt5n
The latter thread provides contact information for the law reporter from Ignites who has written articles on the subject and would be eager to hear more stories similar to yours.
If terminated there is no severance and this is the worst in my career we are seeing this. Rating people below is intentional to avoid paying that and its happening to alot of people for any reason they can find. Wfh folks are getting blasted also just because of that status bny forced them in. Dont let this slide with them. The more people who make noise is the more bny gets attention for this behavior.
Identical for me. Happened Tuesday. Nearly 30 yrs with the company. Rest assured, they will not reward you for giving your adult life to making the place what it was. A once proud place to work no longer exists. It's really sad.
one year anniversary last week looked good
This post on here from a few days ago has helpful information
https://www.thelayoff.com/post/@OP+1kc2074dx
Same thing happened to me. Nothing in writing yet. Followed up with HR. No response. It's a very frustrating thing.
Sorry to hear this. I can tell you as a recent leaver wherever you end up will be much much much better .