Does anybody know when was the last time BNY Mellon reduced severance? People are mentioning that it could happen again next year and that's making me nervous, to put it mildly. The severance is already nothing special, and if they reduce it further, we're screwed.
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In heritage Mellon the Sub plan was regularly cut from 2000 to 2008, the era of 10% layoffs per year, every year, no exceptions.
There used to be kickers such as an extra 3 months for those at a certain age, for those of a higher grade, length of service, job grade and likely others.
Since the merger it’s always been 2 weeks per year for the entire company.
Sub at Mellon was cut numerous times.
@uqj, it has always been 1 year max.
@op, there is no severance package. We have a sub package that hasn't changed since BNYM was formed.
I’ve heard this too. I expect they are planning many more cuts, so reducing the severance makes sense.
Time to union up like the Belgians or Germans. Bxls ops package is 1.5months per year. Everywhere else it’s 2 weeks per year. Guess where we have works councils negotiating??
What are you even talking about? It’s an accounting change to how SUB monies are held on the books. Didn’t say anything about changing SUB rules based on line of business.
@vjo+1pskSsyG
I think you just made it up.
Yeah there are no rules on how the SUB are formulated BUT with in the same state (jurisdiction) a firm will not dare to make up rules based on LOB lines. This will be what a law firm will be waiting for. BNYM EC may be stupid but not the lawyers they have employed.
Clearly the reference to PNC is from someone who came into the organization through the PNCGIS acquisition.
Dude I wants what you’re smoking. BONY Sub Plan was never run by PNC… not now, not ever.
In 2024, the expense of SUB is moving from corporate to the line of business that the person worked in. So basically the business keeps the expense of a cut until the end of the SUB period vs. the separation date. This will be incentive for poor performers to be fired vs absorbed into a layoff. Maybe this change is part of what is causing the chatter about SUB being reduced?
They may tinker it a bit (like maxing out for a year) and the likes. But they have also (for 52 weeks you have to be in the org for 26+ years) massaged it so that a person with that amount of service gets a lot of other stuff vested (using age + service factor).
I am not saying they are nice but they are not mean as they are made out to be. Also they are cautious to protect themselves from a lawsuits.
In the end a firm that is worth billions (whether you agree or not) is not going to fret over a few thousands spread over a year
There is no guarantee that it may not happen but the likelihood is less - there is just shameless fear mongering goes on here by some sadistic folks who think this is fun.
You can find it on the company site. They did a slight mod in August 2023. Nothing major but at some point it was changed to a max of one year whereas before I think it was a firm two weeks for each year of service. I just checked it on Friday.
I've been there 15+ years and as far as I know it hasn't changed, back to when it was pnc
It's been a long time. And despite all the scuttlebutt about it being reduced, I highly doubt the rumors have any merit. This has been speculated for 10 years at least, and has never happened.