Thread regarding Bank of New York Mellon Corp. layoffs

Severance (question from a new to chainsaw charlie employee)

Any former or current BK employees able to comment on what secerance package was offered by BK when they axed employees?

Did you try to negotiate? Did you succeed in getting better terms?

What about litigation? did anyone go down that road (age, gender, race, etc)? Any success?

Did they just try to cheat with poor performance review and outright fire people and offer no secerance?

Can you comment on selection process?

Thank you for your help

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| 2245 views | | 7 replies (last )
Post ID: @OP+16vKswK1

7 replies (most recent on top)

you are given 2 weeks to sign it or it is void. if you sue them it will be void. if you do anything else other than not signing it, it will be void,

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Post ID: @hjny+16vKswK1

6 weeks pay for every year of service

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Post ID: @ebfn+16vKswK1

Don’t bother going the legal route. Just not worth the time and effort unless your a senior executive. Google Bnyn employee lawsuits. I personally know 2 people who tried to negotiate their packages. After months of paperwork, lawyers and negotiations 1 ended up with almost the same package after paying out her lawyer plus had lots of stress.

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Post ID: @ebwt+16vKswK1

The severance package from BNY Mellon is set up in a way that allows you to collect your state unemployment insurance immediately. They do it by calling the bi-monthly payments "supplemental unemployment benefits or SUB". So you get your bi-monthly check from BNY for however long you've been informed your benefits period and you receive your weekly UI payment. BNY also provides your subsidized health insurance for the length of your benefits period. If you're rehired by BNY before your benefits plan expires the SUB payments cease and that's it. As for the waiver of your right to sue it's kind of lengthy but nothing that will confuse anyone.

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Post ID: @1rkq+16vKswK1

Its like layoffs at other companies, if you are “lucky“. You get weeks of pay based on years of employment, and some of your usual health benefits. Also access to a placement service, that gives advice and helps with your resume. If you were already tired of working for the company, its actually a great exit plan if you can hang in there, long enough.

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Post ID: @ypf+16vKswK1

There is no negotiation. They hand you a packet and show you the door. If you don't sign and notarize the packet and agree to all the terms and conditions, then you don't get a severance.

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Post ID: @ecx+16vKswK1

It has nothing to do with Charlie it is based on what was established by the company. Nothing changed. Takes a lot to actually get fired. Even poor performers are laid off not fired. They don’t want a law suit.

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Post ID: @iwq+16vKswK1

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