What does a standard layoff package look like for a BB Associate?

Facts

Wow, what rockstar energy man. The highlight of your weekend would be getting fired? Sigh.

Thanks for the heads up. Is this in addition to accrued vacation time (or is it accrued vacation time)?

Also do they let you keep unvested stock?

My bank did 3-6 months salary + stub bonus + immediate vesting of all deferred comp.

nychimp99 I have a college friend at a BB who this happened to just recently, where he was given roughly that amount of time of notice to find a job. His team actually helped him secure a great position

nychimp99

At an EB. During start of 2020, my firm laid off some associates (along with mostly VP and above bankers): at least at the associate level, they were paid off 6 months of compensation, and provided insurance coverage for those 6 months. Also, for the 6 month period, those "terminated" were allowed to "officially" claim that they were still employed by the firm - the time it gave them to look for another job, or stay on H1B (although they were terminated with immediate effect, and their access/office pass completely revoked). 

If it helps, almost everyone found another gig quite soon- some left finance all together, while most others joined other banks. 

I understand from a HH that this is a "standard" practice across a few institutions for layoffs. I also know that one BB basically gives people a 2 month notice to start looking for a job.

This is similar to what I got. I didn't get "laid off" so much as I was encouraged to "voluntarily resign" because apparently having a cocaine baggie on your desk during a Zoom call with your MD & Director is not couth. Anyways, they gave me three months salary, paid out my PTO, kept me on insurance and allowed me to claim I was still employed by the bank for those three months, even though I was banned from the building and prohibited from contacting any of the team members. 

They also paid me my bonus out, despite the fact that I had gotten cut in January and bonuses aren't paid out until March. So technically they were under no obligation to do that, but did just to be nice. Think they felt bad for me, regardless of how retarded I am. 

Wow, that sounds like a pretty nice deal - particularly the part where they get 6 months worth of severance and you don't have to show that 6 month unemployment gap on your resume (which is waaaaay more valuable than the severance check).

I don't know what happened to stocks, but given that they were fairly generous with compensation, I'd imagine they probably let people keep them. At least at my firm, they were truly worried about their reputation around laying off people - and spent a great deal of time trying to make it as easy as possible for everyone to transition out. I know for my team, the head of office personally offered to call other banks and act as referee - which was nice, but not everyone accepted that gesture - with some of them choosing to move beyond investment banking. 

I understand not every bank will take this approach -and definitely do not want to sugar-coat how my firm handled people (firing sucks).  In the current environment generally, given the struggle around hiring people since Covid, I'd be very surprised that banks lay-off people, or lay them off without a reasonable/good compensation. I think if you look across the board, the first to go will be underperforming VPs, Ds and MDs - many of whom at VP level were hired to simply be "bodies" from 2020 onwards, when most people at that level quit the industry. 

The general practice at banks is that you forfeit the remainder of your unvested RSUs in the event of your voluntary departure, but you retain them according to their original vesting schedule if you are laid-off.

I would be soooooo happy if I were laid-off.