I'm a senior manager in corp dev (ignore title) and recently was told I'd be getting let go for non-performance reasons. I'm wondering how much severance is typical for people with over 10 years of experience - letter mentioned 2 months of wages, does anyone have any other datapoints?
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Know a guy who was recently let go with a similar number of YoE - 3 months severance, sad
2 months sounds about right. I've heard 2 weeks per year at the firm from some banks, but that's obviously very generous.
This isn't typically something that can be negotiated so I would believe what is in your letter
2 months??! There’s no way, in what world do people with ten years of experience get 2 months?? F*ccccck that, what a joke
At smaller company severance can often be zero. For a bigger company doing a larger layoff, 2 months is the "legal minimum" for a layoff under WARN Act hence why it's a common number (large caveat that there is no official legal minimum, but since you don't work your notice/severance period in IB, you just get paid out the 60 days)
Anything more is just companies trying to be a little more fair to their employees, but it can be expensive paying people for months who aren't even there
I don’t think there is a typical severance package, it’s all very bespoke. Two months sounds generous from other stories I’ve heard. But in the grand scheme of things, two months is barely enough time to find a new job so I know it sucks. You’re kind of at the mercy of the company you work for. Such is capitalism.
This. Other datapoints on severance are irrelevant, it’s part of the employee agreement - not negotiable.
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