My friend at a large company was offered a package to leave as were others. I remember back in 2005? The back offered this. What do you think the odds of that are now. We seem to have an unbalanced group over 40 vs under. Just curious on peoples opinions.
7 replies (most recent on top)
@3lgn+1iAjcvx1 - true! my manager (B2) in 2008 had his salary (yes, salary! not discretionary comp) cut in 2008 by a lot, like 30%. I don't know if he was offered severance though.
I remember in 2008 when the bank acquired Countrywide, they cut a lot of salaries and told those affected that if their salaries were reduced by a certain percentage, they could opt to take a severance payout instead of accepting the pay cut. That’s the last time I recall people being given a choice. My memory is a little hazy these days… was a long time ago and I could be wrong.
You can absolutely request to be laid off and collect your severance package... doesn’t mean they’ll give it to you.
You can’t request severance. They only offer it when they’re doing layoffs.
I have the same question, and on a related theme, anyone out there request Early Retirement - or Severance - only to have their manager then make their life so miserable they leave with no payout?
Have heard stories, but no actual example.
My colleagues who decided to retire in the past 3-4years (ages about 57-62), just gave their notice and left. (and not for another job, only to have the time to volunteer and/or spend time with family for more meaningful days, than grinding away here in the absence of any pay increase..
I would LOVE an early retirement package, and know many, many others here at BofA who would grab it in a NY minute, but.... the earlier reply is spot on.
No reason to offer now with so many open roles.
Mngt is easily attaining any reduction in workforce goal thru attrition alone.
Most of us have given up and are only here to save a bit more, esp with inflation so high, and in some cases in the U.S., the healthcare until 65.
In other words, don't hold your breath.
Different than in '05 is that the US now has a labor shortage for the first time in decades as a record number of people are simply choosing not to work (not entering the workforce or exiting it early). You can see that within the Bank in the large amount of job openings posted each day, so what would the advantage be to the Bank to lose more of its workforce while having difficulty replenishing it?