When I went through this board I saw there were some folks that were affected by these cuts on this board. I would appreciate if someone posted their actual experience regarding their layoff. Don’t want to get into any details but I got some indication that I could be cut. How were you told? What kind o severance were you offered? Did they insist that you sign something other than the regular paperwork? Did you consult a labor lawyer when it happened? At this point, any info on the subject is valuable to me.
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Layoffs have been happening since 1987. This is not just a single CEO thing. It’s the industry and the times cycling over and over again.
I was laid off two years ago. It had five 4 different managers in a years time because they all kept getting laid off. It was a relief when it finally came. I was there for six years so I got 12 weeks of SUB pay. Also during that time you can collect unemployment so things were great when I was laid off. I timed it so I could get every cent of that sub pay before I started my new job. It may not seem like it now but you will be better off on the other end. It is no way to live wondering when your time will come each quarter when they do layoffs. I did get out of the financial services industry because I wanted to build on my experience. Just know you will be ok!
Charlie is way BELOW EXPECTATIONS HIMSELF b--tard said that he wants to create a BELL CURVE SO HE CAN TAKE IT UP HIS A$$. He is not a normal human. Looks devil. You let me go on fake reviews you will rot for eternity.
I got Scharf'd today, Tuesday 1/15. Technology, NYC.
My manager was shaking (we're friends, and this won't affect that).
I saw it coming, knew there was a high probability that I was on the list, even so not so easy despite the fact that the HR professional was, well, extremely professional... kind, understanding etc. It was clear to me this was not easy for him (not that I cared, he has job right now, I do not). I had been bringing my c-appy laptop case in with nothing other than my RSA token (which they want, along with Amex and ID) for several weeks and emptying my personal belongings from my desk.
I got the signal to join my manager (who is genuinely a nice and very smart guy). We went to 'The Floor' and into an interview room, HR dude sitting there. My manager read me a prepared statement from BNY about 'not your fault'. While you don't give a c-ap HR guy (in my case) insists that he completes it uninterrupted. My manager then said to me, "It has been incredible working with you," Which I don't doubt was sincere.
HR guy then goes through the paperwork 30-40 minutes, which you have 45 days to sign. You can ask questions, but if he/she can't answer there is a slew of phone numbers you can call depending upon the area of question (401.. mental health... unemployment etc.)
There is an incentive to sign within 8 business days (or 7, 6, 5 depending upon day of week you are let go). If you sign and return before the 'incentive date' there is not an interruption in your pay/benefits. I was given 2 weeks/year beginning 1/28. I don't recall the term he used, but until 1/28 I am.. on the payroll... an employee who should not enter the building. I can claim I am still employed (so, send out resumes with mm/ccyy - present) until 1/28).
At the end he (HR boy) thanked me, asked me if I wanted to just sit and talk about anything, silence whatever (they have the room for an hour, and we were 40 minutes in). I said no, wanted to get a lung full of air and left the room. Security escorted me to the ground floor.
All in all ... as pleasant as it could be given the situation. I received more texts from co-workers today than I did in all of 2018. I was an asset, however, without clear $flow for bank. So, it was either me, or Charlie flies commercial.
The package, in my case, was generous, if you sign (and my attorney, who has not reviewed but heard my take on it, says, 'of course you sign). That is your decision, but you have 45 days. If you choose to wait your cash/benefits will be interrupted, however, the duration does not change... they are X weeks.... if they start on 1/29 (in my case) or 3/15 with an interruption, they are x weeks.
I feel relieved that it is over. The air had become toxic in recent months.
Good luck... and if you are reading this, update your resume... be prepared.
I can sympathize with all of you. BNY is a dump of a company and it’s been on the decline since the BNY/Mellon Bank merger in 2007. Best thing I did for myself is cut ties with that place several years ago. I don’t want to see anyone lose their jobs, but consider this a blessing in disguise people. You’re all smart and the only reason you were chosen is because you didn’t kiss the enough a--. It’s almost never about performance so don’t let that place make you feel like your not talented. You’ll all land on your feet and this will give you the motivation to find a new job (because I’m sure most of you were already desiring a new job before this happened anyway). You’ll find almost every other company out there is better than BNYM. My personal experience, I went from being a manager at BNY to a non-manager at a much smaller bank. Oddly enough, I’m making 40% more than I made as a manager at BNYM. Pathetic. Good luck everyone!
Sub pay is like severance but not paid in lump sum. Paid for the amount of weeks you’re given (based on level not tenure) only until you get a job. Need to report in every 2wks to keep getting it.
What exactly is SUB pay? Is it a percentage of your salary thru unemployment?
Yep, 3.5 years … got the 'below expectations' review so I figured it was coming given all the craziness going on recently with the change in management and the 'collaborative' work environment.
Happened to me this morning. I got a call to go to a conference room, a manager was there (my manager was laid off earlier in the day), he gave an explanation. He left the room. There was an hr person who walks you through the paperwork. How much SUB (it’s similar to severance) you get, mine was 24 weeks (12yrs of service) + benefits. You don’t sign anything on the spot, you review on your own and mail it back. I knew it was coming and had my bag packed and coat with me, or someone will get it for you, they would pack you personal items and send them to you. You are more stunned then anything and are in a daze, some relief that the constant worrying is now over and I can get on with what’s next. Best of luck.
I would appreciate the same. Were u all given a bad year end review and how long were u with the company?
Question to the person posting: what indications were u given?