To the person who said you can’t work and collect severance at the same time, or collect unemployment and receive severance at the same time - I think that is only partially true depending on the state you live in. In CA, we can collect severance while working a new job. We can also collect severance while on unemployment. We cannot, however, collect unemployment if we are working. Different states have different laws on this topic.
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Contractors don’t get laid off from their client sites. Their contracts don’t get renewed. That’s the advantage to the company of hiring contractors. No severance and no issues with benefits.
If there is a salary reduction based on salary tier, any idea of which tiers will be hit?
My boss is was mentioning to me that there will be a salary reduction going out in a few weeks to most employees depending on your salary tier.
you CANNOT work and draw a severance pay or get money from the state and draw a severance pay at the same time
Guessing contractors will be reduced or limited, FTE headcount will from by 20% through 2021 through exiting low performing segments. Would expect limits on merit and bonus next year. All depends if the greater economy turns around by YE. The peak layoffs will be in mid to late 2021.
That statement was required in order to receive $$$ from the 2.2 Trillion allocated for covid19 relief. Employers can get some $$$ if they retain certain % of employees.
Does the no layoff statement include contractors?
This is fantasy. Net Interest Margin is close to ZERO! There will be layoffs or at least furloughs.
I was told (along with all the other technical support staff) in January that 3/25 was to be our last day - 2 weeks ago we were informed our layoff was to be delayed indefinitely and now this from Brian - I just want some direction from the bank since many of us had made other plans and had offers from other places to work at while we were supposed to be getting our severance. Will we still be let go (this was announced before corona virus) or if we take the other positions do we lose our severance. Since they outsourced our jobs to IBM what are we supposed to do for the remainder of the year or will they just fire us for cause by making up any excuses and still take away our severance.
I think we should all be happy about this announcement
https://www.cnbc.com/2020/03/27/bank-of-america-ceo-doesnt-want-employees-worrying-about-their-jobs.html
Bank of America CEO Brian Moynihan said his bank’s 200,000-plus employees won’t have to worry about layoffs this year.
“We told them all, there’s no issue, you’re all going to be working now through year-end. No layoffs, no nothing,” Moynihan told CNBC’s Jim Cramer on Friday.
Morgan Stanley and Citigroup also have made similar pledges amid the coronavirus pandemic.
Besides even if you are laid off no matter what reason they give, you can’t speak as to the reason why you are laid or you lose your severance. Loopholes.
Wake up people.
So true. Didn’t see the line stating: no layoffs due to other banks kicking our a–.
Or no layoffs due to hanging out in BofA lay-off site
Voluntary layoffs would be a WIN-WIN!
They could also attribute layoffs to a reorg/consolidation/efficiency improvement.
Read the full sentence. "In addition, the company will not do layoffs or job reductions in 2020 as a result of coronavirus impacts." Note that there is an "out" at the end of the sentence - all they have to do is classify the layoff as "non-coronavirus related" and they didn't lie to anyone and they can still continue with the layoffs.