Thread regarding Bank of New York Mellon Corp. layoffs

Mostly older but also other demographically incorrect employees are displaced in mixed lots along with just enough nonperforming inexpensive younger members of demographically desired hires that it appears to be a diversity of layoffs. Examine hiring, note missing segments, understand and determine your situation. Count your demographically undesired categories and then plan for your futures.

Good luck to all of us humans and let us all pray for a s-x, race, religion, and ethically blind future. Maybe the children can do it... we sure blew it in the last 12 years.

If several thousand of ex employees who were targeted by this and found a group of lawyers who would do it pro bono for a share of the settlement, BNYMellon would be in deep trouble.

IBM got caught red handed doing this and are now paying the price. If anybody knows the lawyers involved with that case, they have a golden opportunity to make more money at BNYMellon's expense.

https://www.propublica.org/article/the-u-s-equal-employment-opportunity-commission-confirms-a-pattern-of-age-discrimination-at-ibm

I agree I was one of them!!! Is their any recourse or class action suits that I can join??? Please advise

If you have someone as a friend in the executive cadre they will hire people who are above 55+ - so age really does not matter when you have friends, eg there are few new hires couple of months back - all sh– head a** oles , but then they show that to cover the discrimination shown against loyal employees who are pushed out - also they mix in and layoff people in all age groups to cover age discrimination so no one can file a law suit - and the excuse they give does not have the needed skills - as if suddenly BNY started building rockets along with NASA and the existing tech people do not have the skills , bull sh**T - the guys from Goldman, Lehman (not even in the Wallstreet map anymore) and other failed Wall Street companies have strategies to grow BNY - the company was much better before these clowns came losing their jobs in their old companies!!! I have seen many giants fall, just hope that BNY is not one of them because of incompetent leadership that's currently in place making the place horrible to work for.

Did you get some good booty while you were there at least?

I was just let go and at 62 with 26 years of loyal service; seems the youngsters now running the place have no idea what they are doing and why. This is no longer the Mellon Bank proud Pittsburgh company, but a mere shell of itself mired in Goldman confused Management. I’m happy to be out of there but feel bad for my coworkers that survived.

There was a total of 500 let go. All age ranges. I know 10 people that were let go ages 25-30.

Uhh, s-xist millennial observer... losing a job and "loosing a job" are quite different things. Also, dealing with a corrupt company without checking you etics at the door is a skill that you're unlikely to learn... even if you do attend a communication without a smart phone course.

You cant imagine the ethical battles that we've fought, while keeping jobs to raise you child. Reap what we've sown indeed.... perhaps we should have called off on that job.

Please give an example of a millenial standing up for anything beyond a sick day to watch a cat which has eaten a hairball. What a coddled generation.

It's unfortunate that you guys were laid off, but that is what happens in business. What's more disturbing is that some of you admitted knowing issues about the company for years...in areas of discriminatory hiring practices, poor handling of workers, unethical processes as well as a toothless code of conduct, etc. .....knowing all this, you sat back and did nothing because you were still getting a pay check and it wasn't you that was loosing your job on that particular day. Now that you have been directly impacted, you want to whine and complain and talk about class action lawsuits. Unbelievable.

I guess what I'm trying to say, if you don't have the moral compass to stand up for something you will one day stand for anything. There is a thing such as Karma my friends...you reap what you sow.

I know of 5 in my division me being one any one starting a class action I’ll join

I had seniority in my group and was let go in my early 60’s (didn’t even make 3 years). Management made remarks to staff implying they wanted younger workers after I was let go. Consulted an attorney who advised me to just take the severance and walk. With 38 years of corporate experience BNYMELLON was by far the worst company I ever worked for on so many levels I could write a book about how badly run and nasty they were.

I have contacted a lawyer to explore age discrimination. Anyone that feels that was the case with them we can explore a class action suit.

I rceived the ADEA document when I was laid off and it listed ages, grades, etc. I'm 37 years old and found my round to be fairly mixed.

what am I missing here? I am in my late 40s and have been with company 15 years. I have never had any kind of raise outside of the 1-2% they give annually. My lateral moves were always met with unfulfilled promises of an increase next year. New hires are brought in with far less experience and much higher salaries. Unless you are some high paid exec from JP Morgan in NYC, I would think the FIFO method makes most business sense.

If you give people severance you don't trigger the WARN act because you are essentially employed

I am wondering if any displaced employees received ADEA (Age Discrimination in Employment Act) notification which someone referenced in an earlier post. (This would be a listing that includes the job titles and ages of people impacted by the layoff as well as those not selected). I am puzzled by the fact that the WARN Act wasn't triggered given the numbers that have been cited.

Are the layoffs all based on (allegedly) not meeting expectations?

That would seem like an "end run" around employment law. Might be legally defensible but strikes me as highly questionable and definitely unethical.

The revised work from home policy also targets families with young children and working mothers who need work life balance. While other companies are encouraging women with children to stay in the workplace with flexible work arrangements. So ruthless and not well thought out for the future of the company, must be a reason behind that.

Companies figured out a long time ago that salary discrimination isn't age discrimination. It just so happens that older people get paid more than younger people.

Male, over 45... Always the prime layoff target. And they always get away with it.

WFH elimination/reduction will disproportionally affect the older worker and it's by design.

This is my opinion, I claim no insider knowledge, purely on my gut and years of observations.

The first reply here is pretty accurate. This is a knee jerk response to Charlie unsuccessfully satisfying shareholder and getting the stock price up. The bank is. It a normal bank but a large dinosaur custodian. There is only so much growth available. Their wealth management are has struggled due to 20 year old technology and antiquated management vision. While most firms are moving down market to capture nor growth with smaller clients Bk set their minimum client at $5mm. This is either a pie in the sky goal or a way to inflate profit margins to sell it off. But you need a large buyer. jPM? Goldman? They have also required their client facing folks to sign a non compete requiring 60 day’s notice or else they claw back their bonus. This was done late summer I understand and these cuts were suspected because of it.

Their outlook is grim to grow like they think they will while leaving a unmotivated workforce to pick up the pieces. I don’t own their stock and wouldn’t touch it. Their best bet would be getting. Gobbled up by another financial firm.

The cuts are expected to continue through Wednesday as part of a loger term Initiative on cost reduction and multiple product exits. Salaries at BK are typically low - 70,000 to 115,000 for senior sales and 60,000 to 100,000 for product management coupled with a low to moderate discretionary bonus range. To realize meaningful savings, the number of people cut had to be extreme. The products targeted for exit are low profit margin. That will result in addition staff cuts over time along with reduced client expense and client revenue reduction. After surviving the financial crisis the executive management team hasn't suceeded in matching the success of their competition who had been on the brink of failure in 2008. This appears to be a last ditch almost knee jerk initiative to try to recoup the 20% stock value loss since Scharf joined the firm eighteen months ago.

Sad for those laid off in a process not designed to target under performers. Sad too for those who remain who are now required to do the work of those exited with no increase in compensation provided. It appears no recruiting was involved in this process. Most if not all exited will not be replaced.

I haven't got my package yet, but last time they gave me a breakdown of job grades and ages of people who were let go to prove it wasn't discriminatory. No way for me to evaluate it for accuracy, but yeah, seems like the higher paid older workers are being hit.

Yes many even retiring in few years or even months were let go. Managers are corrupt and receive kickbacks and bribes. Selling 1 Wall Street which was legacy of the company would have founding fathers turn in graves. Company is going down fast with no way to increase sales or revenue but just CUT Expenses at the bottom while Charlie and his cronies make MILLIONS.

All older in my area, mostly 50s and 60s. They were also people with 20+ years at the company.

bny mellon seems to be targeting long term employees aka older employees.

Hi - I know of a total of 4 colleagues of mine (both current and former) who were let go today in Pittsburgh who were males over age 45. So I would agree that the layoffs have been skewed towards older workers. Best of luck to anyone displaced.

The revised work from home policy will potentially force many people with middle-aged responsibilities and middle-aged physical limitations to leave without BNY incurring expsensive lawsuits, which is probably why Charlie is pushing it so hard.