I've spent my whole career, over 20 years, with the bank. My role isn't being eliminated in the near term but there are pilots, that we're not supposed to know about, going on related to different aspects of my job to see how other roles can manage the work. I posted for two other positions that ended up being filled by recent college grads out of our training program. I've started interviewing outside the bank and may be close to an offer. I'm hesitant to leave due to possibly getting a severance package in a few years. I'm tired here though. Everyone on my team is doing the work of 3+ people. I certainly don't feel like they appreciate long term employees. If given the opportunity I'm likely going to jump ship..I might lose my sanity before any severance may ever come. I figure others on this board might be contemplating the same..Thoughts???
15 replies (most recent on top)
Severance plan changed 8/15. no more guaranteed 2 weeks for every year. RUNNNNNN
Stick it out til you get your severance. I was laid off late Oct 2015 and it was the best thing happened to me. I was in eCommerce Technology for 8 years. There is more money to be made outside BAC. I took 2 months off and got a new job in Jan'16 making 25k more than when I was with BAC. Everything happens for a reason, please remember that.
Exhausted Tired Depressed Hopeless Frustrated Angry
I struggled with this as well. I had a similar tenure and knew my position was eliminated months before I actually got laid off. I did pass on a couple of opportunities while waiting to get laid off because frankly I wanted the severance and figured I was marketable enough to land a position before the severance ran out. I am glad I waited because although I received several offers during the severance period, I was able to enjoy so time off and recover from the BAC stress, be selective and find the right position for me. If you feel your skills are marketable, I would recommend getting ready (update your resume, create or update your LinkedIn profile, post your resume to the relevant job boards, etc.) and start aggressively looking after you have taken a month or so to just enjoy life and figure out what you really want to do, Life's too short and tomorrow is never promised. There are plenty of opportunities outside of BAC. Good luck!
Yes i too can relate, glad to have this forum to hear others opinions. I have only been with the company for 6 years but can see that management does not care about those that are not band 4 and less.
Don't lose out on your serverance. It is owed to you. I can understand if you haven't been there long but 20 years is a lot to lose
Go out now and look for a job. It doesn't matter how much work you do or how long you have been there. Band 4 and up only care about themselves. You are expendable as long as they can keep getting their bonus
The truth is, leadership at BofA doesn't care about their employees; the vast majority of Band 3 and up managers are far more concerned about covering their asses then they are about the folks reporting to them. It's a toxic culture and one that rests squarely on the shoulders of Moynihan - the fish rots from the head.
Take a look at the bank's recent quarterly report; look at how they're making their earnings number. Revenue is down but by cutting non-interest expenses, things like salaries and benefits, the bank hits their earnings target.
They are too big and too concerned about the shareholders to give a rat's a-- about you. This is not the bank you joined 20 years ago. But those 20 years with BofA provided you with experience another company with certainly value and appreciate. Just make sure when you leave BofA you are coded as a 'rehire'.
Best of luck to you.
Why work for 20+ years and then just jump ship. That doesn't make sense. Sure It's a very challenging work environment but that's where experiences come in. You must know how manage heavy workload, work with teams and apply few shortcuts you've learned over the years. Would you prefer to start all over again from another company and working with people that you may or may not like.
If you must leave, then make sure you find the right company for you, otherwise, you just might end up in the same situation or worse.
I had over 20 years at Bofa and I finally decided to leave on my own this year. I was scared and I was hesitant to leave, but I am glad I left. I got a huge raise, better benefits and a pension. I am less stress out and enjoying my free time. (not working all night on "firedrills") I keep asking myself why I did I stay so long at a toxic place?
I too feel this way. I think you need to get out if you get a good offer. Your severance may never come or the severance package could change- would you still think it was appealing at 1 week per year?
It is also harder to find a job after being let go. You just are not as appealing and do not have the upper hand. Everyone wants someone who is currently in a job, happy in it, loves their employer, but is looking for something new.
My strong suggestion is to leave if you get a good offer.
Wow, sorry to see so many feel this way. Then again a little validation that I'm not creating this or feeling sorry for myself was just what I needed. I'm going to be careful not to leave just to get out, but the decision to leave has been very liberating. Good luck to everyone!
Best of luck to you, I know exactly how you feel. I have been with the company for a very long time is this is all I know. Its scary but what is worse is being so dead tired and being pulled in so many directions because I am doing the work of 3 people. I am hoping also for a severance package and so be it if I don't get one, I have seen so many changes through out the years and have never seen it as bad as it is right now. To get loyalty you have to give it. Again best of luck to you
I was waiting for a severance too but started looking last week. I'm over working for three people and getting treated like a piece of sh-- for mistakes other people made that are out of my control. Keep moving and don't look back. I won't.
this is how i feel too
tired
hopeless