Spoke to a lawyer who represented bnym employees who was rated in lawsuits against the bank and the terminated. They won the cases but how do bnym determines this? Clearly we all know they are eliminating long term employees and trying to avoid giving packages. They also created a culture that reminds of the Hitler youth movement...you should rat other people out to save yourself. The culture is the worst it has ever been. No one is proud. Chuck should be chucked!
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Is BE rating just a poor excuse to let you go? Does it include a package? If not, I would hire a lawyer. What's Charlie's10% BE and what's his midyear rating?
Does anyone know if the bank has pushed anyone out based on BE and without a package? I spoke to a few lawyers and heard there were individual win cases for these BE as a way to get rid of long time employees. I agree with the comments that they have there target to place as BE and has no plans of helping the employee improve. Instead they are hiring highly paid folks from Goldman and other organization that doesn't know the system or process. They will keep you long enough to train them. They will eliminate you with a BE to pay for their fat bonses. The way the culture is, I'm fine with that if they give me my package. If not, I'm getting a lawyer.
The BE policy has the blessing of the board of directors. The BE policy has the blessing of BNYM's investors, they only care about the money going into their pockets vs. yours. A lawsuit is a waste of time, except for the attorney who gets paid regardless.
1oxd - if you signed the separation agreement to accept the sub pay, then correct, you have no legal recourse. For those that don't sign, and keep copies of past performance reviews, emails, show the position being reposted etc. there is the option for legal recourse.
How did wfh end up on the news? Was it because employees went to ACAS?
I also consulted with a lawyer who felt I had no case. I was a long-term employee who was suddenly rated BE and then let go within 6 months. The bank is putting a lot of effort into the separation documents.
I am a manager. I don’t care about being laid off, but dread being required to target employee(s) with the BE rating yet again. That is my nightmare. I have sought both legal and personal counseling, and realize this is a hopeless situation. So, my plan is to resign before doing this again. I know that the company will just replace me with another manager that will do what they require, but at least I will be able to live with myself. Good luck to the rest of you.
Individual lawsuits don't make news. They are settled quietly, with a non disclosure on the specifics. Tick-Tock. Time for the frivolous performance reviews management created to catch up to them. Expect quite a few managers to be dismissed by the company. Reap what you sow.
Dude... Wut?!!?
What was the lawsuit? When did this happen? Why wasn’t this in the news? The BE rating is corporate policy. How can you fight if it’s corporate policy? I talked to my friends who are lawyers and they all said it’s a lost fight.
What are you even asking/saying in this post?