Feeling trapped in banking job - should I wait for severence or take control and move on?

Hi all,

I’m feeling really stuck and could use some career perspective. I’ve been with a Global European Bank for years, originally as an industry corporate and investment / institutional ("CIB") banker. Recently, I was reassigned to the private bank working between our CIB teams.

The problem is, this role is basically a middleman position — I manage stakeholders but don’t actually have a license or lending book. 

Pay is good, but It often feels redundant, and management seem to believe they can do these deals themselves without ex-CIB bankers like me. I’m worried this function will be cut entirely.

Financially, if I’m laid off, I’d receive a significant severance package. But emotionally, I’m unhappy, anxious, and burnt out — I dread going to work.

I want to move on, but I’m torn:

- If I leave now, I lose the severance.

- If I stay, I risk wasting more time in a dead-end role that’s harming my mental health.

- I’m not even sure what I want to do next — stay in finance, pivot to something new, or take a break?

Has anyone faced a similar “stay for the payout vs. move for peace of mind” dilemma? How did you navigate it? And if you’ve transitioned out of a redundant banking role, what helped you decide your next step?

Any honest advice or frameworks for thinking this through would really help. Thanks in advance 🙏