Duration of payments will be based on some sort of seniority assessment. Maximum will be 12 weeks for MDs and above. Don’t know about the lower ranks, but it will be less. Brutal.
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just wondering whether you people's agreement also has the following term:
- No Entitlement to Future Employment.
You acknowledge and agree that this Letter Agreement waives and releases any entitlement you may have to
apply for or seek future employment with the Company or any other Company Releasee. Accordingly, you agree
that you will not apply for or seek future employment with the Company or any other Company Releasee. For
the avoidance of doubt, nothing in this Agreement shall be interpreted as requiring you to resign from a future
employer that acquires, is acquired by, or otherwise becomes directly affiliated with BNY Mellon.
Notwithstanding the forgoing, the Company, in its sole discretion, retains the ability to waive the restrictions set forth in this Section.
“You are the population targeted for elimination and we know who you are?” Really, is that based on age, race, gender? You should be fired for your insensitivity and stupid comment. People stayed there so long because BNYM operates at a snails pace, like most financial institutions utilizing legacy tech. The fact is BNYM does give generous layoff packages, as well as assistance in finding a job. Layoffs are a fact of life for which employees everywhere should be prepared. You are an employee at will in MA. No one owes you anything, and you, in turn, don’t owe the company anything. There are plenty of excellent paying jobs out there and if you’ve been hanging around BNYM for years you are more than likely underpaid and unskilled. BNYM products are overly complex and based on old legacy tech and algorithms. It’s a 2 year learning curve to figure out what’s going on. No one knows how to use the products. Get out and skill up. BNYM did you a favor. Unfortunately, their strategy of laying off older, more knowledgable workers to keep costs down is shortsighted. But to quote Taylor Swift, trash takes itself out.
@2Jgch, this thread is fake news.
That’s bullsh-t! Long term employees don’t stay in the job to get a good layoff package. They stay because they enjoy their coworkers and doing a good job. If it makes you feel better to tell yourself that cr-p because you treat loyal employees with such disdain good luck to you!!
We have only two peer banks. Can you even name them?
“Every peer company out there….” insert ludicrous benefit here….
You’ll be stuck in your negative silos until you make a few career moves. Packages vary widely across F.I.s.
S&Ls are Financial Institutions, as are Banks, Credit Unions and money managers. We work in a very large and diverse financial services industry. Work in the industry for 40 years and you’ll learn.
Please post the list of NYC and Pittsburgh banks and the weeks of payments. I was layed off twice from an S&L and a Boston based bank. Both times two weeks of pay.
Paste working links and I’ll be happy to respond.
p.s. it’s easier if you use the convenient built in links here (see above).
@4vuv, are you a liar or just clueless?
https://www.thelayoff.com/t/1nOm3PPC
https://www.thelayoff.com/t/1l1yobt4
https://www.thelayoff.com/t/1lxZ5FMs
You’re just so very wrong. Financial Services generally give two weeks of pay. BNYM was an outlier for a very long time but now we’re trying to get our displacement costs in line with our peer banks.
Todd’s relative just woke up from his nap at his deck I see.
People have been talking about class actions for layoffs here for a decade, and the same with unionizing. Just to clue you in, neither is ever going to happen. You have no rights and you will sign anything that is offered. The vast majority of financial institutions give two weeks pay upon displacement.
You’ll absolutely sign away legal rights for 12 weeks of sub pay.
Banking industry generally gives you two weeks of pay. Period.
Really? It's going to be based on some kind of seniority assessment? Perhaps 2 weeks for every year you've been here???
No they don’t. Peer banks give two weeks, period.
@lmj And his is the deal.
Ahh, good. I’d say you all have a deal.
Every peer company out there offers 2 weeks for each year of service.
12 weeks may be fine for those making 200k or more, but not nearly enough for those of us making under 100k.
I, and many colleagues, would absolutely not sign away legal rights for 12 weeks of sub pay. Considering our salary, 12 weeks pay is not nearly enough. I would much rather retain my rights to participate in a future class action, especially seeing and hearing what is happening throughout our company.
Actually, no… you are incorrect… you are the population targeted for elimination… and we know who you are :)
I call B.S.
This was never proposed in the brief Charlie Scharf days.
As originally proposed during the CS days. And leadership knows this is the main reason the majority of the remaining long-term employees remain. Take this away and we will have an abundance of leavers. Problem solved.