Lay off package
Boys and girls,
Tone deaf post but is there a comp package associated with folks who get laid off?
Best of luck all.
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Probably a couple of months pay
How can 1 get laid off, interested in relaxing
Resumes I saw where people got laid off took 6 months to find a job. You’ll burn through savings real quick in NYC with rent and cost of living
have that many banks started layoffs already?
baird / GS
probably FTP soon since they pay $140k base for AN1
these posts never get old
At GS.
Lost 3 vps and 3 Assoc on three live deals
Just me and MDs… fucked
Absolutely brutal. Good luck…I’m assuming the MDs knew they were doing this to themselves
That's ridiculous. Good luck, buddy.
Does anyone know what comp packages look like for layoffs at banks? Additionally, how are layoffs perceived in the industry? I would assume most employers would be understanding if the layoffs are due to redundancies/cost cutting measures and employee is in good standing.
Anyone else that has heard of potential layoffs from their banks?
You get like 3 to 6 months of salary and often are allowed to LARP as an active employee while you look.
Primary issue is that you usually lose your bonus even if it's only a few months away. Obnoxious for associates with MBA debt who are staring down a $200k+ hole in their finances.
THERE IS NO SEVERENCE IN IB AT THE JUNIOR Level. Ask any of the those at GS who just got laid off VP and below
uhh this sounds like you were fired and not part of the layoffs.
banks understand their employees frequently become clients and do not try to do their employees dirty bc of rough economy (unless it's junior bonuses)
given generous garden leave provisions, highly doubt it's zero for Analyst - VP. might not be 6 months but 1-3 months is sufficient
My bank had layoffs pre COVID that were on the generous side. 3 months pay (i.e. if you were laid off end of December, you’d still be on the books and getting your regular salary until end of March, was critical for visa holders that were laid off), all your unvested stock is retained at the same vesting schedule and severance of 50% of annual salary.
Believe that package is broadly similar to associates that don’t make it to VP, except for the 50% of annual salary in severance. Given market environment, would only expect the 3 months pay and keeping unvested comp as the package. No way banks are paying 50% salary layoff packages when associates aren’t expecting to even get to 75% bonuses
Lol for me as a third year associate that would be
- 56k (3 months base)
-25k in unvested stock
-112k severance (50% salary)
Total payout of about 193k.
Plus I can hop on unemployment.
I would gladly take that. Like I would have a hard time hiding my stupid grin when hr called me into a conference room to lay me off after handing me the severance details.
Thanks
In addition to the severance comp structure which looks like may vary. Do you know if layoffs go any professional records? I'm assuming it will come up when future employers run background checks?
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