The bank is now targeting band 4 executives with 20 or more years with the company. Unlike the rest that have been packaged though, these exec's are getting 3 weeks pay for every year of service. They are handing the reigns of major departments over to less experienced, and cheaper employees. Just like a poorly constructed building, they are slowly breaking up the foundation and this megalith is going to collapse. Brian Moynihan must be a Game of Thrones fan. He is blowing up Bank of America just like Cersei Lannister blows up the Sept of Baelor!
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What is location strategy? Any idea about which locations are being targeted in CFO? Thank you!
CFO is laying off due to what they call "location strategy". Some people did get 3x, and I know one who got 78 weeks.
I was a band 4 layoff...
I have decided to dress like Klinger at work (MASH). Trying to get a package. Please!!!!!!
I just heard the 3 weeks per year for associates with 20 years or more is true. Not certain about the 69 weeks max mentioned earlier but that is probably true as well.
They need to concentrate on band 4s as a whole then band 3 because they are the ones with the highest salary based above $100k compared to those band 5 from $47k to $66k. I think it makes good business sense to make the cut and consolidate responsibilities among them. Take it from me I saw it for a long time.
I call bs on the 69 weeks of severance. I believe the max is 52 at all levels.
Level 4 is where the waste is. Big bucks, overpaid with strings of failed projects from these guys that were handed everything from day 1, right after college, to run projects having zero experience or any kind of expertise in getting things to work in the real world.
interesting. it would be nice if they did it for all their employees, but at least they are taking care of those who stuck by them all those years.
Position was eliminated, there was no option to stay on. Enhanced package was 3 x years-of-service = 69 weeks.
this person that just got the 69 weeks. were they given an option to take the pkg or stay on? or no option?
Not just Band 4s. Anybody with 20+ years of service is getting 3 x years-of-service with no cap. Somebody I know just got 69 weeks of severance.
Doesn't it top out at a year anyway? With 20 years of service they would get there without any changes
why give them 3 wks per year instead of 2 weeks per year? either way they are off the payroll. not following why they are receiving 3 wks per yr.
Cutting Band 4's makes sense in a twisted sort of Cathy Bessant view of the world. You are cutting higher salaries but touching no one from your Band 3 and above inner circle. As for losing experience and expertise, no one cares because the game is all about survival into the next quarter. It is a shame because cutting Band 4's means cutting a lot of stong individual contributors and/or front line managers who get the work done, are teachers/role models for junior staff and have institutional memory that could prevent the Bank from repeating mistakes. Just remember this the next time the robots from HR start telling you that employees are valued, etc.
They need to cut a bunch of salaries by year end so Moynihan can afford. another 23% pay raise next year.
Sign me up!
They targeted band 4s last year as well and they recieved 2 weeks per year and 75% of their bonus. I doubt they are giving 3 weeks now. Also severance is capped at 52 weeks regardless of how many years you have.
Band 4s are not executive level. They may be managers or they may be highly skilled individual contributors but the executive level starts at Band 3 and above. Just look up the titles on the corp dir.
A band 4 with 20 years, whether 42 or 62 is still going to be making a large salary. This is a salary dump, nothing more. Okay a knowledge dump also, but they do not care about that. Until someone who was released posts to say what they were told, we can only guess what options they were given. The only thing I can say is the one person I did speak to briefly was shocked that her manager didn't even know she was being released. It was his boss that told her.
Why 20 years? Someone who is 42 and has been there for 20 yrs is in a different position than someone who is 62 who has been there 20 yrs.
How are they targeting them? Are they giving them the option to go with the 3 wks per year or are they just letting them go, but giving 3 wks a year.
Why would the bank sweeten the package unless it's an option?