Anyone know what the current severance package is or what people have been receiving?
Bank will have another round of layoffs in July or August.
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There is only 1 severance policy in the system right now but it specifically calls out that Bank-affiliated employees are not covered in that one and references a separate one for them. But you can’t find the Bank affiliated one in the system. So who knows what it actually is since it’s no longer visible.
@zn No, Employee will still get severance but HR will update agreement and end date after getting notified
So what happens to the severance pay when you find an external position within the 60 days? Is it forfeited/gone?
@vj I know someone who asked for it and got it. Not with the big cycle coming up but a couple of weeks ago. Never heard of that before but I guess if they’re looking to reduce headcount they may be game. However, I think final decisions are underway for this next round (multi-step process) so you may be too late to raise your hand and you would have to ask senior EMG. Your director can’t help you with that
@yg when you get your severance package, it’s usually emailed to you within 48 hours, however since you’re still getting paid for the next 60 days, you aren’t able to sign the agreement until the day after your final day. On the form it will tell you the earliest you can sign and a deadline for the last day for it to be signed. If you do find external employment prior to the 60 days ending, then you have to email employee relations so they can update the severance agreement with the new end date. Payment is usually 3 weeks after it’s been signed.
Here’s a question for anyone who’s dealt with this, how long after a layoff do you have to wait before you get your severance deposit?
If there’s one coming up in the bank, I wanna see if I can volunteer for it. I’ve got stuff to do and it doesn’t involve this place.
@k5 this is incorrect. Bank no longer follows 6 months- it is the same across the board now.
Bank is no longer 6 months minimum. It’s the same as the rest of the company now. 2 weeks for every year of service or for every 10k in salary, whichever is bigger.
@e0 the reason for the 52 weeks of severance was due to the 2019 consent order.
It's still 6 months minimum. Bank severance changed last year from a 12-month minimum to 6-month minimum OR 2 weeks pay per year of tenure, whichever is greater.
Did the bank severance package change? I thought it was 6 months severance?
@da that year of severance in bank was INSANE
I know people who got laid off with the 60 day notice and had a job within 90 days
Scooped such a huge payout
Thanks goodness they finally stopped that old severance plan where they paid a year salary no matter how long you were there.
I had a teammate who was there 5 months and got a full year. Lucky mo-o. Me? I’m still praying for one, but because I know my sh@t, they won’t get rid of me.
@cd this is 10000% true. I was part of the October 2025 layoffs, I got 28 weeks of severance (14 years).
I was rehired back in April, right at the deadline to keep my tenure, had to payback 60% of the severance.
Start an onlyf-ns
2 wks pay per year of service and if you get rehired within a year you are required to pay back all or some of your severance