Skip to main content

No Severance For You?

  • Author:
  • Updated:

There've been many reports about London Lehman employees getting screwed over when it comes to severance, but apparently some lucky New Yorkers are getting the royal treatment as well. From a Laid Off Lehman Sister:

I left Goldman Sachs to work for Lehman Brothers thinking that they were the classiest of the 2 firms in way of respect. For the first 8 months, I was correct until I was laid off last week and was FIRST told I would have severance until Dec 15. When I called back after the Barclays deal, they said October 3rd. Then when I called today, they said that last Friday was my last paycheck, NO severance. This is the most horrific incident I have ever heard of a firm doing to well over thousands of employees.

And another:

I was laid off Sept 10 and promised a generous severance. I basically live pay check to pay check so the severance package was my security to pay rent, bills and insure proper time to find a new job. I have little in savings as I've been paying down my debt for the past year.
Now I've been told that the company doesn't know if they are going to pay out what was promised to me. They said my last paycheck was on Friday and they are not sure if I will be receiving another one. So basically I'm in a holding pattern and at the same time unable to apply for unemployment.
It amazes me that certain management who stayed (to go down with the ship) at Lehman and even promoted weeks before the chapter 11 filing were enticed by bonuses to stay. Yet the company can't even keep their commitment with former employees who were the backbone of that company. Instead HR keeps saying- call back, we don't know a thing keeping 'us' blowing in the wind wondering if 'we' will get the severance that 'we' deserve.


Dick Bové: Wells Fargo Is Managed Great If You Don't Take Into Account The Horrible Customer Service I've Received On Several Occasions, For Which Heads Should Roll

Picture this. You're world-renonwn bank analyst Dick Bové, famous for, among other things, issuing a report in summer 2008 about which banks were "next" to fail, not rolling over and taking it when Citigroup tried to screw you good, and standing by Ken Lewis when literally no one else (including his board) would. When you walk into rooms, people notice. More often than not, they ask you to pose for pictures, kiss their babies, sign their tits. Some have fainted in your presence. You're the fifth Beatle, Justin Bieber, and George Clooney, all wrapped into one devastating little package.  It should go without saying that an appearance by you at your local branch bank, to cash six-figure checks, as you often do, would be call for a red carpet and the crème de la crème of customer service, right? Apparently wrong. The following is an accounting of Dick Bové's experiences as Wells Fargo customer. (Originally he banked with Wachovia, who he had only good things to say about. Sadly, the same cannot be said for the degenerates he's encountered at WFC.) * "Dick Kovacevich, Wells retired CEO, felt strongly that customers should be greeted when they entered the branch and that the visit should be a positive experience. I can honestly state that no one ever greeted me when I entered my local branch. In fact, on one occassion, when I needed to speak with a platform person, I never got the opportunity. The bank officer made me wait a bit; came out of his office and entered the public bathroom; and left the bank." * "On a second occasion, I entered the branch with a low six figure check. I needed some information concerning more than one issue related to the deposit. After searching out an employee, I was told that he could not handle the transactions...It is interesting to note that no one at the branch suggested any investment to me but simply deposited the check. No one ever called me to indicate that there was over six figures sitting in a no interest checking account." * "What my Wells Fargo experience suggests is that a successful bank is one that keeps seeking new customers and selling them more products and not getting bogged down by offering service...My interaction with Wells has been an enlightening experience." Does Dick Bové "rate banks based on one person's anecdotal experience"? No, at this time he does not. If he did though, a bank--if you can call it that-- named Wells Fargo would be up shit's creek right about now. Because in the scenario in which DB did assign ratings based on his own interactions with management, WFC would have a giant red "U" across its chest, for "unacceptable" and caution tape around its buildings which would in turn be condemned and schedule for demolition at 9AM.