BNY is force ranking long tenured employees with PM or BE and depriving them from the Severance, it so disgraceful towards people who have given so much to the company none of the past reviews matter. We should report this in social media if we do in number that will speak for itself…. When we don’t have NDA what are we loosing?
25 replies (most recent on top)
Isn't 401k vesting gradual?
I was 100% let go bc of my 401K maximization, RIGHT before it vested.
I was also robbed of my bonus, and directed toward free 3 sessions of mental counseling to help me cope with this.
I saw ageism that was so horrific I just about blew chunks. RV made no effort at all to hide it either. PPle over 55 were all let go, pushed out together -- in a matter of weeks!
Several in the same round. Ruthless.
There are 1000s of us who experienced unethical and illegal (and severely financially and emotionally damaging) employment after January 2023.
So let's get real here. Where do we start? A point person at The NY Times, like Ronan Farrow - who took down Harvey Weinstein. Let's ALLLLLLLLL contact Ronan with our stories.
The only way to stop this is exposing it publicly.
And I want my stolen 401K match back.
You are all confused as he-l. Nobody is “forced ranked” here. Mgmt is “forced to rate” you a certain way. We cannot have over a certain % of exceeds which we do not agree with and have to have a certain % below expectations. This is one way they look to reduce head count forced down from senior mgmt . it doesnt matter if you can afford to lose team members or not. If you have poor performers or poor attendance those are the ones who are told to rank below. Get off the forced ranking bs cause it doesnt come into play
14f+1jnq61rxs
This not right, also age discrimination.
I would seek another attorney to be sure.
Unless there is other reasons you are not saying why they terminated you with no severance
@14f
Maybe at least name him/her, shame them out publicly then move on let it go have no regrets.
Met with attorney today and there is no tangible legal path. BNY can get away with this unethical behavior. 20+ year loyal employee working OT due to constant shortage. My manager and HR won't even provide me with a reason/justification for severance. It's a dirty layoff tactic to cheat long term employees out of due severance. What a shame!
Im required to give a minimum 10% of my staff below meet expectations (i.e PMs) and no more then 10% can exceed expectations.
That's forced ratings, the PMs are then let go with no severance. Stop lying and saying there is no such thing as forced ratings
tx+1jnq61rxs
There is no such thing as forced ratings. You are mixed up with forced rankings. Is it really that difficult to understand the concept of forced rankings?
I find it amusing that decisions about who should be let go are allegedly being influenced by factors such as 401k balances and ESPP ownership. Perhaps the individual proposing this approach should consider a career with Elon Musk. It almost seems as if they are planting the idea in HR decision makers heads
No disrespect to Gen Z and Millennials—they are tech-savvy and bring fresh perspectives—but Baby Boomers are a loyal and hardworking group. While they may not be as digitally adept as the younger generations, they contribute significantly by upholding respect for the chain of command and ensuring the smooth operation of the bank.
Let’s not forget, Baby Boomers are also the ones with substantial 401k balances.
tx+1jnq61rxs
Forced ratings is a bny scam not to pay out severance . These are the folks let go during RIF layoffs and as result bny is not paying severance to anyone. Bny is committing fraud by this forced ratings bullsh-t on many long tenure employees to kick them out without severance.
Do you honestly believe OP s 30 years of good performance can be fired for cause with one fraudulent pm rating.. it's a scam to save on severance, it's morally unacceptable and you should not go along with it as a Manager
If you are a victim of the scam, consult an attorney post attorney contact for whistleblowers to expose this scam.
@O
Forced Rankings have nothing to do with layoffs. Ratings however do.
But I’m sick of explaining this every few months.
@sa+1jnq61rxs
Does it even matter? For most people the whole thing is a big damn lie. Who cares at that point. If you are on this at BNY you are going extinct whether you meet an improvement plan or not. As for forced ranking, it’s real and it’s there. I know. Because I used to argue with my manager over people he perceived as bad. And they weren’t. He actually was rotten.
@dh+1jnq61rxs - if he's telling you this he's lying to you. I have people on development plans and i have to mark them as meets or not at the end of it. Thats not done by anyone else.
I expect after almost 30 years this will be me soon...sc--wed out of severence.
I believe BNY and HR are looking at people’s 401K balances , stock ownernship and making crude judgements on people who do not need packages in their hidden view. Someone here 20-30 years very likely is contributing to these plans. And in trying to save separation they could be likely sc--wing people more unfairly than we know. I put nothing past this filth in charge. There should be a way to figure out who has rights to view this stuff and where it goes
@e4+1jnq61rxs
30 years…. 30 years of doing the job and proving you are world class. 30 years of eating, breathing and living this place. And now, all
Of a sudden, you aren’t cutting the mustard. How? It’s beyond unethical. It’s depraved. It’s illegal but go prove it. You should start recording all conversations and let them know it’s for your legal counsel team. If they want rid of you they should stop lying and give you a full 52 week package. And not this forced retirement sodo-my
I agree with @AG we need to band together and expose this deplorable conduct. I just hit my 30 year work anniversary and got a forced PM and find myself on the “new” PIP name: Performance WARNING Development Plan. I can be “terminated with cause” for a period of 12 months. Was also told the 12 month clause is new this year. BNY just settled a class action lawsuit a few years ago; time for another!
While BNY can fire an employee at any time for any legal reason (or for no reason at all), their separation pay plan is governed by ERISA, which provides additional protections for those that are denied severance. Hopefully those in this situation can hook up with a good ERISA attorney and pursue their claim.
I was given PM last review started a development plan did everything my boss asked he agrees but now he is being told it’s not his decision only someone at EC level has to approve. It seems they have to fail me so that they can to for course termination to avoid paying severance which is 12 months pay.
Yes forced ratings are unethical and a disgusting act of the scam/fraud to not pay severance. Layoffs RIF are fine and acceptable but to make up ratings is committing fraud to not pay severance is the only issue OP has. I totally agree with him as does most expect the dopidedo lady that posting daily shilling covering for BNY
It seems nothing this company is ethical anymore.
You are confusing forced ranking with forced rating. Forced ranking is just common sense except it's a little difficult to do across organizations and job functions. Forced ratings is just a terrible idea and is certainly very unfair depending on the size of the group.
They simply don't give a fu-k.
if it happen to you contact an employment lawyer, and to set up a whistleblower # and post. Peers as well as team managers being forced to give PM and BEs can expose anonymously. legal protections are in place to protect whistleblowers.