I've come across some rumors suggesting that BNY may be looking to phase out older staff members. It's important to stay alert to these developments, and if it appears to be accurate, consulting with a lawyer could be a wise step.
20 replies (most recent on top)
Agree with both of the previous two posters. I’m in my 50s as well but I really truly feel bad for the young folks that are just starting out and trying to start a family in this current environment.
Between what corporate America is doing, with Bny being the worst of the bunch and how much everything cost, especially housing…..
@p6 @p6+1jz0k2f5y
Hi there… a 56 year old who gave you an upvote. Why? Because I appreciate your opinion on the matter. And frankly, it works both ways mi amigo. I could care less about anyone but me at BNY right now. In fact I can’t believe how far this company has fallen with such lowgrade management and soy milk trainees. Yeah, I could ‘retire’ right now and yes, I’m probably set for the approaching evening of my life and you aren’t. But, as you said clearly - it’s not fair. And just because we are in our late 40’s ,50’s , 60’s etc. doesnt mean we dont have issues. We certainly can do the job and deserve to. And dude, 90% of us do not have paid off mortgages or empty nests. We likely have more bills than you. But you are cutting sharp at the issue. And the issue is - our youth is going to be made poor by this approach of offshoring and discrimination (yes it is!) of American workers. How is a young American college grad or trained kid going to get a career launched ? We need to start seeing incentives for hiring Americans and penalties and taxes if you don’t. BNY and countless others ate getting away with redrum on this. Anyway, good luck. At 37, you are still a kid in my book and remember this, in a blink and a flash, you will be 56 before you know it. I bet your perspective will change a bit then. Good luck!
I’m probably going to get 100 downvotes for saying this but right now I could care less about 50+ year-old middle managers with over-inflated salaries getting laid off.
Yes it’s sad, no it’s not fair but by comparison, I’m just not losing sleep over this age group who have enjoyed 30+ years of working in the heyday of financial services, with paid-off mortgages, zero student debt and most of whom are empty nesters… y’all can figure your next chapter out.
Even as a 37 yearold, I am FAR more concerned about the next generation of analysts, grads, senior associates who are being squeezed out of future financial careers. Many do not have cushy lifestyles to fall back on, and even for those that do (ahem nepo-baby interns), the jobs and careers literally aren’t even there for them.
@aa I’m hungry alright but only because they aren’t paying my worth
@f8
So what exactly did you do here that helps? ‘Bettet call Saul’ the lawyer… yeah.. I think we know that. But even there, we don’t win really. We just get a little less than even.
@f8
What did John F. Kennedy and Reagan used to like to say? Trust but verify… no one called you a liar , but it’s noteworthy that you didn’t try to answer any of the questions even generally.
Make an HR request to get a copy of your personnel file. Once you’re terminated you can’t get access to it.
@ey well, I regret posting anything here altogether everything I said was 100% accurate. I couldn’t disclose much more because it was litigated with the state Great that you guys believe that I’m a liar first and question my work and my portrayal of the situation. I am still at the company I won my battle. It’s Unfortunate but I thought I’d be helping other people here but I guess not. I’m sure someone will disagree with this as well. Good luck.
@cw
Something does not add up with your story. Any employer in the USA cannot legally force you onto disability simply because they don't want to provide reasonable accommodations - this would likely violate both the Americans with Disabilities Act (ADA) and laws in some states, such as the Fair Employment and Housing Act (FEHA), which provide stronger protections than federal law. And as far as messing with your goals and rating, the company by not providing you accomodations would be impacting that unfairly and illegally on their own. Indeed, we have mo--ns here in the People’s HR team but they check everything with legal and I highly doubt they are that irresponsible to try that. Nor does the company ‘guarantee’ disability. BNY doesn’t manage disability. BNY pays two insurance companies to do so and you have to apply, pass medical muster and be approved outside of BNY. If you are functionally working, you would never get approved and BNY would not expose themselves like that. So, what kind of judgement did you get ? If your werent getting paid for some time, that’s all you would get. No lawyer is going to get a judgement that you must be employed here. So can you kind of hint what the victory entailed? Even if your story was true, you are a marked person and can be laid off simply by having your position eliminated. Which is what the bank would have done first. Do tell?
@e7 what if they making less than $70K, would they still let them go?
They are definitely going after employees between age 60 to 65 and considered looking at ways to “encourage” workers in that age group to leave or retire. They found it cheaper to not enhance any benefits to encourage this and continue to just eliminate their jobs. They wait several months and repost those jobs by altering the job descriptions and changing the job grades.
Most of the concerns I’ve read here are pretty accurate about the bank. I can’t get into much detail here but the way I will leave this is I just had a successful action against them. I am an employee in my late 50s I have a disability and I had permission to work from home for the last few years and my performance reviews have always been above standard. They tried to force me out on disability without any other avenue even though I could still do my job I was still able to perform at a high-level, and when that didn’t work for them, they tried to get me out on performance and actually went into micromanagement mode doctoring situations that did not occur. I’ve never been rated below and it’s been a two-year saga with them, but they continue to come at me with as much energy as they possibly can. I’ve never imagined anything like this I’ve been in this industry for over 30 years. I would love to go into more detail here, but I just can’t but everything that I’ve read here is pretty accurate. They didn’t want to lay me off because I am such a long-term veteran and would cost him quite a bit of money. It would be a lot cheaper for them just put me on disability pay, which is nowhere near 100% of my salary. For some reason they thought I fell off the Turnip truck yesterday but I took them to school and they’re not happy about it, so all I’m going to say say is watch your backs everybody and most of all don’t forget artificial intelligence is here.
@bn+1jz0k2f5y
B.S. meter in the red zone with you.
No one and I mean no one was getting exceeds year after year. There have always been strict guidelines. They are being used now not to rate but to evict. Interesting too that you made it sound in the past. You likely got bad ratings and were justifiably let go as you were the problem and couldn’t manage.
@ax I will say, as a longtime manager there, I inherited way too many employees who were bottom 10% performers who crazily had been receiving Exceeds year after year.
And up until the Charlie years, the company had a serious issue with managers being far too generous in their rankings.
I’m not saying this person isn’t being discriminated against, only that the high ratings are not the proof of strong performance that they seem to be.
For what it’s worth, in the past (and I can’t imagine the company has abandoned this practice), BNY has paid for an outside law firm to run models on each round of job eliminations so they can determine if any sensitive populations (older, females, people of color, etc.) are out of what with their representation in the company.
So proving a case may be hard.
That doesn’t mean age discrimination isn’t happening, to be clear.
How can they justify poor performance on a person who has been here 25 plus years and has been a good performer.
Do you just su-k all of a sudden? No, its bullsh-t performance rankings.
Company deserves to loss a massive class action for the unethical behavior.
Theyve been doing it for years. Usually with those close to retirement. You wont be able to so anything though cause they are very food at sprinkling poor performers and others in to keep from showing discrimination . Would be better id you had proof from those let go right before they were set to retire or if you can get with any mgrs let go who can confirm they did this on purpose
Absolutely the truth @a8+1jz0k2f5y
It’s not so much that a 55 year old is some hunched over Neanderthal incapable of learning new tasks. Nope. It’s that these folks or anyone over 40 tend to be the more wiser, prudent, experienced and expensive. Worse, cheapskate BNY sees what it pays out on the family medical benefits, full 401k matches, paid time off all based on the higher salaries these people justly command. And BNY would rather go with single college grads, interns, summer help and of course India subserviants.
As Emily of the peter pan emails said, be like a hive of bees.
They are definitely gunning for the over 50s. But they us se other factors, like forced ranking and fake pips, to get them out without liability. It’s not just because of cost; it’s also the Bias about “young and hungry,” etc. So they’d rather have a chicken without a head than experience.
I think that the Bank is laying off their most expensive employees, which tend to be the older, more experienced people. I think salary is the number they are focusing on, more than age. Young usually means cheap, which is all management cares about.