My boss got laid off. I find out what that means for me this week. What's reasonable to look for in severance? I've heard 1 month pay/year worked.
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It really depends. I don't know how bad the layoffs are, but I have seen one weeks pay all the way to 2 months. If your company has a good culture and treats its employees well (401k, healthcare) then you should atleast get a month. They might also increase it based on how many years you have been with the firm.
Was 2 weeks per year worked for me. Got laid off 12/28/12, but had a job that started a week later.
Nice, how did you manage that? Just curious from what type of job you went into what new job?
2 weeks severance at my last place (boutique IB). Confirmed by a colleague who got axed.
3 months at my last firm (BB)...
6 weeks (boutique research firm).
I assume it's normal to sign the "I can never make any claim against the company, no matter how many laws they broke in how I was treated" document, right?
Shafted on severance? (Originally Posted: 04/02/2009)
Hi all!
I was a 1st year analyst and I got the axe at beginning of March. I was kept on payroll until end of March - I'm assuming this means a month of severance more or less. Is this pretty standard or did I get shafted? Thanks!
If you don't mind me asking, which bank?
From my understanding, if you work for over a year you receive 2-3 months pay as a severance package.
If you worked less than a year, you usually get anywhere from 1-3 wks.
The world has changed. And we must change with it.
It all depends on your bank. As far as I know, BB typically have better severance at junior level. For boutiques and MM, it can vary a lot... One of my friends was axed from a boutique recently and there was no severance at all.
an IB based out of Australia. I was asking because most of my friends were at BB and had never heard of a 1-month severance. I guess 1-month is better than 0.
Severance Packages? (Originally Posted: 09/07/2007)
Does anybody know what the general severance package is for a BB Associate? The writing is on the wall for me my friends. . .
redundant or fired?
depends on years vested, firm policy, etc. read your contract.
if you are being fired, no pay and out the door with your box in 30 minutes.
Thanks for the message. My group has been hit pretty hard with the current liquidity problems; I'm outside of NY, and see our office as being one of the first to have cuts made.
Been with bank 5 years, not in a contract. Firm policy is vague. I've heard of people getting 3-6 months, plus healthcare, and a cash-out of non-vested stock. Curious if that sounds like market.
that sounds about right - one month for every year that you've been there. The earlier redundancy packages may be a bit more generous than later ones but (like you say) the writing is on the wall.
With five years under your belt, you should be marketable though and you need to get out looking for a job ahead of the mad rush. Taking something now (even if on lower pay or forgoing a severance package) will put you in better shape in years to come.
Severance Pay (Originally Posted: 06/05/2008)
Given the current market conditions, I figured this would serve as a worthwhile discussion. Can anyone speak to average 'analyst-level' severance on the street (eg. 6 months pay, % of bonus, etc.)? I'm curious to know how this is typically handled. Thanks in advance.
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