Salary

Severance package for senior associates - what's standard?

0x3ef5…7b77

·23d ago·2 comments

Hypothetically speaking, if a layoff were to happen, what kind of severance are senior associates typically seeing at BofA? I've been in my role for 7 years, managing a small team in risk management. Not hearing direct rumors for my specific department, but the general vibe feels tense. Just want to be prepared in case. Is it usually a few weeks per year of service, or more tied to base salary? Any insights would be appreciated, even if it's just what you've heard or seen elsewhere.

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Comments (2)

0x7371…407f

·23d ago

Hey, I'm in a similar boat, been here a while too. From what I've gathered through the grapevine, BofA's severance can be a bit of a mixed bag. Some folks have mentioned it's roughly 1-2 weeks of pay for every year of service, but that seems to be on the lower end. Others have said it's more tied to your base salary, potentially a few months' worth. It really seems to depend on your level and how critical they deem your role. Don't forget to factor in continued benefits too, that's often a big part of the package. Keep an ear to the ground, hopefully it's just jitters.

0x1cd8…e6e5

·23d ago

Honestly, I'd take any 'rumors' with a grain of salt. Layoffs are tough, but companies usually have a standard policy, though it can be adjusted. My advice? Focus on what you *can* control. Make sure your resume is updated, network internally and externally, and keep your skills sharp. If something does happen, HR should provide clear documentation. Trying to guess the exact numbers beforehand might just add to the stress. Think about your transferable skills and what you'd do next, that's more productive preparation.