Amid the growing concerns of a recession,\u00a0many\u00a0industries\u00a0are finding themselves impacted\u00a0by significant job cuts.\u00a0Recently,\u00a0higher-paid, white collar\u00a0banking and finance\u00a0employees\u00a0have been\u00a0on\u00a0the receiving end of these financial firm layoff announcements.\u00a0The financial\u00a0services\u00a0industry has recently announced\u00a0a wave of\u00a0thousands of\u00a0job cuts\u00a0given the slowing economy and warns\u00a0they may continue to come.\u00a0This comes after\u00a0more than\u00a024,000\u00a0jobs\u00a0were cut last year, a whopping 127% increase\u00a0compared with 10,784\u00a0job losses\u00a0in 2021.<\/p>\n\n\n\n
Financial firm layoffs can be seen\u00a0in the lending and credit sectors as well as the investment banking\u00a0divisions.\u00a0Top names\u00a0in the industry such as\u00a0Citigroup,\u00a0Morgan Stanley,\u00a0Goldman Sachs, and Deutsche Bank\u00a0have all\u00a0announced significant cuts or hiring freezes as\u00a0dealmaking slows.\u00a0More\u00a0financial firm layoffs can be expected\u00a0with the continued\u00a0concern of\u00a0a\u00a0recession,\u00a0especially after many\u00a0companies over-hired\u00a0during\u00a0a\u00a0post-pandemic reopening.\u00a0The\u00a0aggressive rate hike by the\u00a0Federal Reserve\u00a0intended to combat inflation\u00a0has also directly impacted\u00a0these\u00a0layoffs.<\/p>\n\n\n\n
As we could still be in the early stages of job cuts in these interest rate sensitive sectors, it\u2019s important to know how to navigate what a termination could mean for you. Due to these widespread layoffs, many firms are offering several forms of severance packages and payouts. However, before blindly accepting and signing these severance agreements, it is important to carefully review them, since many severance or separation agreements require you to release any claims against your employer \u2013 meaning once you sign, you can no longer sue, even if you feel you are still owed money. There are many things to consider before finalizing your severance offer including but not limited to:<\/p>\n\n\n\n
\u2022 Deferred Compensation<\/p>\n\n\n\n
\u2022 Overtime Pay<\/p>\n\n\n\n
\u2022 Bonuses<\/p>\n\n\n\n
\u2022 Accrued Vacation Time<\/p>\n\n\n\n
\u2022 Retirement, pensions and stock <\/p>\n\n\n\n
\u2022 Medical insurance <\/p>\n\n\n\n