All of the people laid off in my department so far this year were senior level engineers and project managers, all earning 6 figure salaries. The first wave were people between the ages of 50-65, the second wave were people between the ages of 40-50.
This is age discrimination, plain and simple. Is there really nothing to be done about this?
Lol Mellon learned the same thing when they measured ROI on offshoring in the 00’s. Too bad BoNY didn’t.
“PNC is a very well managed bank. They have tried major offshore tech and ops programs at least 3 times in the last 25 years and unlike BK they were careful to measure performance and true cost including additional onshore oversight, management, quality, rework etc and determined that the low cost high quality Pittsburgh workforce was a far better value proposition than India. Whatever they are doing has to be limited and will be properly managed and measured.”
It’s both age and salary. BNY wants fresh talent. I heard a meeting this week that they are recruiting 300 soon after college. To make room, they must lay off legacy talent and that just happens to save them money, too.
Other companies do this too, but BNY does it with cruelty and humiliation. Thats the character of BNY.
No one is going to use or lose their package to join class action suit. Just get another job.
I agree, layoffs seem to be people with the most experience, (and supposedly then), the higher age, and higher salaries. Also, those of us who were with the company a long time, had the most vacation, also a cost to the company. When I was laid off last year, I was given a list of all the people laid off, not by name, but age and level. Most were older, but they laid off a few young people (sacrificed them) to try to prove it was NOT age discrimination.
LOL, good luck getting “ Young bucks willing to work literally 18-7”. The millennials saw the way that their second wave boomer parents were screwed out of pensions before 401Ks existed and screwed in raises with 3.000 hour years. Millennials grew up savvy watching their parents’ treatment and Know the deal. You won’t get an hour over 40 out of them without pay and to be honest we could have learned work life balance from our children.
PNC is a very well managed bank. They have tried major offshore tech and ops programs at least 3 times in the last 25 years and unlike BK they were careful to measure performance and true cost including additional onshore oversight, management, quality, rework etc and determined that the low cost high quality Pittsburgh workforce was a far better value proposition than India. Whatever they are doing has to be limited and will be properly managed and measured.
PNC is implementing the exact opposite strategy this year. They're hiring more US employees and cutting down offshore resources. BNY is always 10 steps behind.
Not all companies use Third World resources. I have relative who head of IT one small financials company. This person told me how many calls and offer during the day have from different consulting company which offer them outsourced resources and even entire products. But they prefer local resources which more productive and trustable.
The Wall Street mindset (I.e. Greed) doomed the IT industry. The Golden Years are long gone. Any fun, career opportunities, learning new skills/technologies are long gone. Thanks in large part by the movement towards the use of Third World resources.
2cop- you get it, not about age or salary, it is about people willing to work long hours, not much pay and most importantly they will not complain, cause issues or question directions even if wrong.
Lest you all understand, they want Young bucks willing to work literally 18-7. It is not just in tech, but in their Middle Office space and in Operations. The latter being the biggest target. If you are in Operations, get ready to update your resume and begin searching. Don't wait until you get force ranked below x. If you get this, kick it into top gear.
Thinking like 60 means assembly, C, Pascal, C++, shell scripting and all of their descendants from Java to .Net to Apple’s Object C, plus PERL, Ruby and Python. Where do you think that these came from child? Do you think that you write in any of them by hand without frameworks or generators and could you even understand the generated code or the framework code enough to to fix it by hand? A mentor could help you along but it gets difficult I’m sure it would be you feel it to be lecturing.
You would LOVE to think like 60... can you work that hard?
Seriously. Is BNY want to compete with Google, Amazon and Facebook? It the same if you tell me third world want to compete with USA. LOL.
To 1ruw. It ether your statement is false or I had relay bad manager which also not look very good for a company as BNY. I over 55 and I learned by myself new programming languages and technics but I was not even given a chance to use them. I just was separated and replaced by Indian guy (who had no mine knowledge and skill set). You can not become expert in new things if you are not using them. You cannot learn how to walk unless you are walking. So what it is? Totally it blatant age discrimination.
BNY is a low paying bank, so I can not believe that a salary of a 60 year old, working there for 25-30 years is more expensive, then an average starting salary in NYC for IT jobs of 60,000 or higher.
If the job is being sent out of the Country, then any American at any age probably makes more money.
salary and age comes hand in hand, unless you've been entry level your entire life????
Salary and age is one of the selection criteria, all over the world. I'm not in the US and I can tell you that 80% of the people that have been laid off in my direct environment were 55+.
If your in New York salary has nothing to do with it on IT jobs, banks are competing with Google, Amazon and Facebook. It's adaptability and skillset . You can be 60, just don't think like it. Act like a coworker and not a parent.
There is a fine line between mentoring and lecturing.
Signing it doesn't mean anything, go seek any free consultation from an attorney and they'll tell you that.
Here’s the thing—if you don’t sign and threaten with legal ramifications you do t get your sub pay. As long as sub pay remains as is no one is going to try to sue.
Yes, it’s disgusting discrimination and it extends beyond ageism to five other undesirable categories as we all understand.
It’s a great point, me too, no chance to get a permanent position if you have 25 or more years of experience and close to 60, at least In NYC, contractor role is problematic too because recruiters are young guys from India who have no idea what they are talking about and use our area codes calling from India...
Salary discrimination. I made well over six figures when let go. Who needs us, I guess.
salary discrimination. truth
It's salary discrimination... Older people just tend to make more. If they can get someone cheaper, they will. If they couldn't do without them they'd still be there. This isn't a city job, if you intend to stay in the corporate world especially financial then getting canned once you outlive your usefulness is part of the game. Find another industry.