Severance?

txjustinWas 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?

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.

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.

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.