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NFT: Got whacked today at work

jc in c-ville : 10/27/2020 11:37 am
I work for a large bank and due to them always identifying ways to become more efficient, they reduced layers of mgmt, I got the cut.

27 years in, many mergers many conversations as a manager telling others the bad news, today it is me.

With COVID, our earnings were very poor and I could see this one coming since last month.

I will receive a years severance to be paid out thru pretty much 2021 including health benefits.

Oddly, I moved to Florida from Virginia and started my new role here, six months to the date, 10/27/14 and then was able to move up to this role in a different area in 3/2017.

I have been working from home since 4/13 so it is weird that when I left the office in Orlando that Friday, 4/10- I never imagined this would happen.

I live across the street from the ocean in Cocoa Beach so I'm very fortunate with that along with my severance.

BBI is my go to multiple times a day so thank you for allowing me to speak up.

To those who have lost their roles, or are in danger of, best to each of you.

I think I will take the afternoon off and play some golf and drink a few beers today.
Sorry to hear that. Best of Luck to you.  
Giants61 : 10/27/2020 11:42 am : link
Hope better days are ahead for you.
When one door closes, another opens  
HomerJones45 : 10/27/2020 11:42 am : link
It happened to me and worked out very well. I'm sure it will for you also. Keep the faith, especially in yourself, and good luck.

And hit 'em long and straight.
Sorry to heat that.  
SFGFNCGiantsFan : 10/27/2020 11:45 am : link
Best of luck in finding something new. And yes, blow off some steam with a couple of beers.
sorry to hear this jc.  
section125 : 10/27/2020 11:50 am : link
Hope you land on your feet quickly.
So sorry to hear this jc  
montanagiant : 10/27/2020 12:01 pm : link
I hope you find something quickly my friend.
Sorry to hear that  
Gordo : 10/27/2020 12:04 pm : link
I got laid off last year right around this time. My boss at the time told me the bad news 'Unofficially' so I could start looking for a new job. I had already found a new job as a consultant working from home (before covid)and was waiting for the news to drop by January. I had to force the issue so I didn't lose the new job. Ended up getting 3 months severance which was free money. Ended up finishing my basement to build a new office to work out of.

What I'm getting at is, I'm WAY better off. Better job, more challenging. Working from home etc..

At my last job I was very comfortable, I was the big fish in a little pond. So I don't know when I would have left.

So take this as an opportunity to find the right job for you. You've got the time. Enjoy your golfing in the meantime :)
Sorry to hear that, jc  
Mike from Ohio : 10/27/2020 12:04 pm : link
Good luck in finding something quickly and being able to really enjoy that severance money!
sorry to hear man  
UConn4523 : 10/27/2020 12:04 pm : link
but the good news is you got a year + medical which is fantastic. You can take your time looking, and have enough money to pretty much take off whatever time you want before searching for a new job.

Best of luck.
Best of luck JC  
Rick in Dallas : 10/27/2020 12:20 pm : link
can't wait until the end of 2020.
Sorry about the job  
MadPlaid : 10/27/2020 12:21 pm : link
Best of luck with your future endeavors. Blowing off steam is a wise move.
Lost your job, but honestly it seems like you are in a good spot  
Zeke's Alibi : 10/27/2020 12:26 pm : link
Probably jarring to hear that after so long with a company, but a year's severance is a years' severance. Gives you plenty of options as far as getting trained up for the next role is concerned, plus some well earned off time.
Sorry to hear that JC  
beatrixkiddo : 10/27/2020 12:27 pm : link
I went through the same thing a year and a half ago and while certainly stressful, you name it, it certainly worked out for the better. You are in great shape and that excellent you have a full year severance and medical, that’s a luxury few get when getting canned. Stay positive and take your time assessing what is important to you, and where and what you want to do moving forward. My best wishes to you.
Really sorry to hear  
mattlawson : 10/27/2020 12:27 pm : link
Thought you were still in VA. What are your future plans? How have you liked Florida vs VA?
RE: Best of luck JC  
montanagiant : 10/27/2020 12:28 pm : link
In comment 15026204 Rick in Dallas said:
Quote:
can't wait until the end of 2020.

It has been an absolutely horrid year on multiple issues
keep your head up  
LG in NYC : 10/27/2020 12:39 pm : link
and good luck.
Sorry to hear...  
Chris in Philly : 10/27/2020 12:39 pm : link
jc. But you are handling it with incredible class and dignity. Something will come along for you. Enjoy your afternoon.
My condolences  
pjcas18 : 10/27/2020 12:44 pm : link
jc.

You are fortunate to have a lengthy severance.

My advice (not that you asked for it), decompress a little, reflect, and figure out what you want to do next.

stay positive
Think of it as a HUGE Opportunity  
Jim in Tampa : 10/27/2020 12:46 pm : link
I was in a similar situation 21 years ago.

I held a director-level marketing position with a large national company and was downsized (along with a number of others) right before the company was sold.

My 18 years of service earned me 10 months of severace pay. I took that money and started my own business. I've been working that same business from a home office ever since.

The funny thing was that weeks before I had planned to give my notice in order to start my own business. But there was a rumor that a purge was coming, so I decided to wait to see if I was going to be included.

When the SVP of Marketing and Biz Development sat me down and gave me the news I had to bite my lower lip to keep from smiling at this "good news". However, I must admit it still felt bad to be fired, becuase the company thought that they would be better off without me.

I don't know whether you intend to stay on your current career path or if would consider starting your own business, but after the pain wears off a bit you may realize that this is an opportunity to reexamine your life and consider what you really want to do.

One final note, I found out later that one of my colleagues hired a lawyer to contest his settlement amount and ended up with more than I did. Perhaps that's something you might want to look into.

Best of luck!
Positive Vibes Only  
Ben in Tampa : 10/27/2020 12:52 pm : link
There are infinite ways to make money. Be patient, stay positive and don't let it drain your energy. Something good CAN come of this.

Also, love cocoa beach. Great gem in Florida.
Chin Up  
varco : 10/27/2020 12:56 pm : link
Happened to me quite a few years ago (mid 90's). It's almost a "rite of passage" or a check mark along life's journey. The most important things I learned were that my family is more important to me than any job, that the job doesn't define who I am and that I will never sacrifice my family for work, ever. A job was just the way I made a living - it wasn't my life. Actually made me a better person and in a curious way, a better employee. Once I landed, I was no longer in constant fear of losing my job, since I proved to myself that I could land another. I was mentally "looser" and I learned to be more empathetic to those who do lose their jobs. I retired nearly six years ago and look back with an appreciation of the "hard knocks", when they came and went. I am sure you will land and do so successfully. Just keep positive, stay patient and appreciate those around you.
Glad you have that 12 month cushion.  
Crispino : 10/27/2020 1:19 pm : link
That’s a luxury many people haven’t had available to lean on. That tells me you’re at an employment level that should afford you a good chance to find something else during that 12 month period. It’s not ideal, obviously, but it could turn out to be a blessing for you. Chin up. Best of luck!💪🏼
Very sorry to hear that JC  
Capt. Don : 10/27/2020 1:37 pm : link
As you mentioned, the 12 month severance is really nice but from a human standpoint it is still demoralizing. Happened to me twice when the shit hit the fan in 2008.

All the best!
We would always prefer something like this be on our own terms.  
Giant John : 10/27/2020 2:03 pm : link
Especially now though that is not the case. Good luck going forward.
I  
AcidTest : 10/27/2020 2:15 pm : link
am very sorry that you lost your job. Good luck. Best wishes.
Got laid off in 94  
NDMedics : 10/27/2020 2:15 pm : link
Started my own company doing what I loved in 95. Here I am today with 130 employees. Opportunities and dreams do collide sometimes.
Sorry to hear JC  
X : 10/27/2020 3:00 pm : link
I live in Melbourne FL and nearly bought a condo in Cocoa Beach a few years ago. I love this little place on the Space Coast! You probably know there are a lot of job opportunities in this area. Harris is hiring right now.

I retired in 2018 so I'm not familiar with all the types of jobs out there other than what I hear. Engineers are in big demand.

I hope you can find something and it's good you have a nice severance to get you by until you can find another job. Good luck.
So sorry for this news  
Matt M. : 10/27/2020 3:09 pm : link
But, you seem to have a great attitude about things and you have a very good severance package. So, take some time to refresh, and then dive back in.
Sorry this happened  
steve in ky : 10/27/2020 3:17 pm : link
I wish you all the best finding something else
Sorry to hear, jc.  
Beezer : 10/27/2020 3:21 pm : link
Sounds about as good a deal as you could hope for, under the circumstances. Time to hunt, and in the meantime, the beach.

Best of luck!
Twenty-Seven Years?  
Percy : 10/27/2020 8:28 pm : link
Do they realize that? Ask them to reconsider. Very sorry to hear this kind of story. All businesses tend to be cutthoat in the end, but the alternative is unthinkable. Figure out how to compete with your old company? Year's worth is something. Plus FL -- not all bad. Good luck to you and very sorry you seem to have to undergo such a wrenching change and the uncertainty that goes with it.
Ask them to reconsider?  
pjcas18 : 10/27/2020 9:14 pm : link
is that like strenuously objecting?

nice thought, I doubt it works, these things are generally numbers based and board level approved (just based on my experience in prior companies when we had to have layoffs and I was in middle management).
...  
christian : 10/27/2020 9:22 pm : link
Really sorry to hear that man, best of luck to you.
Sorry to hear  
Jersey Heel : 10/27/2020 10:17 pm : link
That must suck
JC  
EricJ : 10/28/2020 6:51 am : link
I am sorry to hear about this. Just keep a positive attitude and look for other opportunities. There are a lot of people like you who were at a place for a very long time and the decision was made for them to leave. Later, they find themselves in a better situation. It can happen to you too.

Were you on the lending side of the business?
Folks  
jc in c-ville : 10/28/2020 10:11 am : link
Thank you so much for the support.

Certainty, yesterday and last night was sobering( at least as it relates to my job)but I'm slowly coming around.

I'm so fortunate to be in this situation given my resources. My family, friends and co-workers. I have made a bunch of contacts thru the years while speaking with a few yesterday.

I'm a middle manager in Operations within the Returns department. There are two US sites for this, Orlando ( which starts the process each day) and Tempe ( which closes out the day). We have off shore support from Hyderabad, India and given the conversation with my manager yesterday, she is involved in a project to syphon more work their way which will eventually deem only two sites need, Hyderabad and either Orlando/Tempe. Given that Tempe is double our size, the handwriting is on the wall for Orlando within the next 2/3 years.

My focus is simply to take it day by day with the emphasis on staying positive. I have the skill sets/education that enabled me to enter my last two manager without any experience within those areas only to learn the business and prosper.

Given the size of our company, Wells F, and the negative reputation/ prior decision making, that has made the roles of a manager steer away from what I enjoy ( developing people) towards managing accelerated risk controls/HR tasks, etc. Those are only going to get more demanding annually.

So, as I reach the end of my career, it simply begs for me to be absolutely honest with myself.

I'm not fucking moving away from Cocoa Beach. Period. I have worked in Charlotte/Atlanta/Richmond and now Orlando for this bank. Each move presented a better opportunity for me.

As I have been working from home since 4/13, and other stretches from time to time, I do have virtual leadership experience. But, to my previous point above, do I really want to continue managing when multiple organizations will be offering work from home, sole contributor role. Sure, i may make less money but given how efficient I am at home, as long as I have decent health insurance and a competitive 401k plan, I may just ride that out ( I'm 52) until 60/62.

Shall see. I am somewhat excited about this new challenge to push myself out of what was a demanding, but comfortable role. If I stay in finance, a growing area that would interest me in Fraud/ Financial Crimes.

Nonetheless, thank you all so much for the comments. Hopefully, after a month or two to relax and get thru 2020, I will have some good news in 2021.

Sorry to hear the news  
JonC : 10/28/2020 10:45 am : link
You've got a tremendous cushion to work from, and plenty of time to figure out your next move. These situations tend to work out for the best, you just need to figure out how to put yourself in front of it. I'm confident you'll land on your feet and with many months to spare. Good luck.
Fraud financial crimes is a good one  
Zeke's Alibi : 10/28/2020 10:51 am : link
I have my finance degree and was seriously considering going that route. Money is growing in that sector to and shifting a bit from the sales side as banks focus on it more and more. Lots of good contract work. If I didn’t go into Sales I’m pretty sure that would have been my move.
RE: Folks  
montanagiant : 10/28/2020 12:02 pm : link
In comment 15027061 jc in c-ville said:
Quote:
Thank you so much for the support.

Certainty, yesterday and last night was sobering( at least as it relates to my job)but I'm slowly coming around.

I'm so fortunate to be in this situation given my resources. My family, friends and co-workers. I have made a bunch of contacts thru the years while speaking with a few yesterday.

I'm a middle manager in Operations within the Returns department. There are two US sites for this, Orlando ( which starts the process each day) and Tempe ( which closes out the day). We have off shore support from Hyderabad, India and given the conversation with my manager yesterday, she is involved in a project to syphon more work their way which will eventually deem only two sites need, Hyderabad and either Orlando/Tempe. Given that Tempe is double our size, the handwriting is on the wall for Orlando within the next 2/3 years.

My focus is simply to take it day by day with the emphasis on staying positive. I have the skill sets/education that enabled me to enter my last two manager without any experience within those areas only to learn the business and prosper.

Given the size of our company, Wells F, and the negative reputation/ prior decision making, that has made the roles of a manager steer away from what I enjoy ( developing people) towards managing accelerated risk controls/HR tasks, etc. Those are only going to get more demanding annually.

So, as I reach the end of my career, it simply begs for me to be absolutely honest with myself.

I'm not fucking moving away from Cocoa Beach. Period. I have worked in Charlotte/Atlanta/Richmond and now Orlando for this bank. Each move presented a better opportunity for me.

As I have been working from home since 4/13, and other stretches from time to time, I do have virtual leadership experience. But, to my previous point above, do I really want to continue managing when multiple organizations will be offering work from home, sole contributor role. Sure, i may make less money but given how efficient I am at home, as long as I have decent health insurance and a competitive 401k plan, I may just ride that out ( I'm 52) until 60/62.

Shall see. I am somewhat excited about this new challenge to push myself out of what was a demanding, but comfortable role. If I stay in finance, a growing area that would interest me in Fraud/ Financial Crimes.

Nonetheless, thank you all so much for the comments. Hopefully, after a month or two to relax and get thru 2020, I will have some good news in 2021.

Excellent attitude and approach to this jc. I have no doubts you will be successful with this new challenge
So sorry  
BigBlueinDE : 10/28/2020 3:54 pm : link
to hear. Best wishes.
good luck with your future endeavors jc  
gidiefor : Mod : 10/28/2020 4:11 pm : link
you seem to have a good head on your shoulders -- I am predicting good things to come!
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