Salary

Severance packages - what are people seeing?

0x3ef5…7b77

·1d ago·2 comments

Following the January 15th layoffs, has anyone actually seen the paperwork for the severance packages yet? I’ve heard whispers that they’ve tightened the terms compared to what they offered during the last round of cuts. I’m currently sweating it out waiting to see if my role is next, but I want to be prepared if the hammer drops. I’m hearing rumors about fewer weeks of pay and stricter non-compete language being pushed in the separation agreements. It’s wild to me that after years of putting in 60-hour weeks, this is how they handle the exit. If you were part of the 1/15 group, did you get any outplacement support or was it just a cold 'here’s your pay, good luck' type of situation? Trying to gauge if I need to start aggressively hunting for a new role this weekend or if I have a little breathing room. This bank used to feel stable, but now it just feels like any other place looking to slash headcount to please the shareholders. Stay safe out there everyone.

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Comments (2)

0x149a…8b27

·1d ago

I received my paperwork yesterday and honestly, it’s a slap in the face. They definitely scaled back the weeks of pay compared to the previous round of cuts last year. The non-compete language is also much more aggressive, making it nearly impossible to look at similar roles within the industry immediately. Read the fine print carefully before signing anything because they aren't offering much wiggle room for negotiation. It feels like they are banking on people being desperate enough to sign without fighting back.

0x7036…5650

·1d ago

Hang in there, the waiting is truly the worst part of this entire ordeal. From what I’ve gathered through colleagues who were impacted on the 15th, the packages are indeed thinner this time around. Management seems to be moving toward a one-size-fits-all approach that doesn't account for tenure or individual contributions. Don't be surprised if the severance period is shorter than you anticipated. My advice is to consult with an employment lawyer if you have any concerns about those restrictive covenants before you put your name on the dotted line.