I've been here less than a year and have kept my head down but the sthe new WPE rollout, especially in GT, seems to be a reason to layoff. What happens at BofA when your time is up?
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contractor layoffs are here.
i have coworkers in GT whose contracts were extended to 2 years and no are getting laid off after 6-8 months.
many contractors last day is 3/31 and also rolling layoffs through april and may
Was a remote work employee, came into the office on a typical Tuesday, signed on at about 830ish. About 845am I get a ping from my boss, he calls me and asks me to go into a conference room. I right then new a was getting laid off, still was holding out hope but in my gut I knew. Went to the conference room, he gave me the rundown. Went back to my desk, said goodbye to the people on the floor, my collegue next to me said he would box my desk, left the building in time to catch my 10am train back out of the city. Mobile access was removed like immediatley, was told team call happend afterword about the layoffs.
4/7
According to this site, they happen every single day, and you'll get a lot of today's the day. Oh, my friend of a friend says it's happening tomorrow at 3:44.
I've been here for 18 years and I've noticed they happen towards the end of the week, and the big ones at the end of the year, mortgages and HE those always go first. Next are teams they've added to, we saw a big push of associates towards AML, and then they did a quiet layoff not too long ago. As for pay severance, I believe after you've been here for 1 year, you get 2 weeks for every year you've been here, and once you hit 20 years, it I think changes to 3 weeks, but I'm not 100% on that. If your age and years of service equal 60, they will let you retire from the bank, which has some other benefits.
If you do get laid off, they usually give you 30 days to find a new position, but with how long they work, it's unlikely to happen. The payout also is on your normal payout schedule or lump sum, but if you take the lump sum and come back, you are supposed to return some of the funds.
I've seen great associates being let go, one I would have never thought would be effective, and we're probably up for a new promotion, but instead got let go. BOA is a pain 99.5% of the time to work for, but I've also heard the benefits and pay don't match up elsewhere.