Thread regarding Bank of New York Mellon Corp. layoffs

When are people hearing for 4Q rounds of layoffs? Early December?

@OP I am the original @be. If f you do happen to get severance that is great. Over the past year, I know of exactly one person who did and one more that survived a PIP and is still there. For dozens of others I know, this was not the case and they were all shafted on the way out. Those commenting on what BNY is doing as standard practice are not fear mongering. That is really what they are doing as crazy as that may seem. I sincerely hope you do get severance. I didn’t see anyone respond to your FSA question. I did some research out of curiosity and did not find anything specific to BNY but seems to be fairly standard with a FSA you use it or lose it even if you are laid off. I would recommend confirming for yourself in some other manner but it looks to me like would be unwise to fund unless you are certain won’t lose. I suspect not many are well informed around FSA given use the HSA option which does travel with you when you leave. In your case I would say don’t fund unless confirm. If do get severance that will push you above income threshold, jump on spouses plan. If no severance, use marketplace or seek legal representation and make them pay you severance like I did.

@OP here

Please address the benefit related queries. I do understand that BNY is not a worker friendly place. But at the same time - I am tired of hearing this severance hear-says and fear mongering. My colleagues who were let go, very recently, they all got their 2 weeks/year. So, my on-field data says something else than the posts here.

Primarily severance is a nice going away money for me. I do want to have it, but it will put me in trouble with Obamacare premiums - so it is a double edged sword in my case

My query towards those who faced a similar situation, what is the way out?

@be - Thanks for your input. I am rethinking about FSA as I have dental implants scheduled next year and I cannot get the tax break (30% discount - 22% Fed, 7.5% SS and NY tax)

I was surprised that someone downvoted the query and this may also get downvoted - but please provide information than speculation

@OP there are no more "normal layoffs", so you can forget the 2 weeks per year payout. Everyone let go will be due to forced ranking as underperformers, and low performance will not get you that 2 weeks/yr severance. More like 2 months total. HR has told managers to "differentiate" their staff. You're being compared against your co-workers, not against a fixed standard of performance. You can work 80 hours per week, complete stretch goals, actively work as a mentor, be a role model for others... but if you manager values you less than someone else, you can still be judged as an underperformer. Highly unethical but real. Good luck

Sorry this is happening to you and I feel bad for anyone who is still working at BNY. Truth is, good earnings vs bad earnings really doesn’t matter. They will purge either way. I didn’t do anything proactively with benefits. Jumped on spouses plan after the fact. The one difference here is the FSA. May not want to fund that but I’m not sure and maybe another poster can opine. I had a HSA, my entire balance is mine after leaving and I still use it. As for severance, the statement regarding 2 weeks per year might still be the policy but they will try whatever they can to not pay it. Typically they’ll make up something related to performance. This happened to me. I engaged an attorney and successfully negotiated the 2 weeks per year which they paid in a lump sum. Hope this helps. Wish you and everyone else still there the best.