A number of staff will be terminated next week as a result of the rating system managers are forced to follow. I urge everyone impacted to seek out others that were impacted and file a large class action suit against BNY. This is a terrible company to work for especially if you are in an Operations role. We all deserve better and it’s becoming clear that the only way to push back on Robin and the other so called leaders is if they see a huge hit to their bottom line. A class action lawsuit must be filed. Enough is enough!!! Firing long tenured, hard working employees to avoid paying severance is plain wrong. Name your direct managers in the lawsuit, so they will have to testify and tell the real truth about what has been going on and what they are forced to do. Shame on the leadership of this once great company. #classaction
25 replies (most recent on top)
Let’s whine here about class action lawsuits with no legal theory.
Hey… but it’s easier than conducting a job search, right?
@jx+1jkvqq6f2
Yes… but… if the end goal is just to embarrass the place, all reputable law firms wont touch it. The end goal is only and always: money. That’s what lawyers want. Much like BNY’s view on getting rid of good people to hire cheap plastic ones. Public opinion and the media only come into play much later. And if you do not have a solid case with good evidence and merits, you run the risk of defamation, libel, counter law suits , huge fines and even jail for malicious practices. There is rot in there but it will take a lot to dig it up and subpeona people in HR and senior mgmt. It’s why it would likely settle after many years and have a no disclosure agreement.
Getting to court shouldn’t be the end goal and you’re right it’s not likely to go the way of the little guy. However, it would make the news and a public display of how terrible this place is to their tenured staff would be extremely satisfying.
Admire the spirit, but, this place is armed to the teeth with lawyers. It has in place a whole entire legal department that deals with such things. This would take a lot of time measured in years upon years, hard work, tons of money , motions, appeals and dedicated proving efforts and solid evidence. Plus, there is a reason why BNY is headquartered in NYC. It means judges there are sympathetic to entities that donate and pay taxes and big fees. Not the ‘little guy’. Letitia James or any NYC judge is all one needs to see. Do you think these cases would ever even see a court room? Guess again. Sorry, but the only way to end your pain is to leave. No one wants to stay connected to this clustercluck.
g0+1jkvqq6f2 - its spelled bologna lol
Who will lead filing this class action lawsuit? Oh right, no one! What a bunch of baloney.
I find it hilarious when people talk about forced ranking. What is the difference between forced ranking and just ranking? Almost as bad as saying preexisting conditions for conditions that exist when you get insurance.
The laid off people will be singing praises of the managers who fired them in a few day on LinkedIn. Spineless people on linkedin, i saw many people post praises for an exec few weeks after they were laid off. Oh do they think they will be hired back?
Thank you to everybody that provided good information… It’s helpful knowing what we are dealing with
As I understand, them violating their own internal policies and lowballing severance for, in some cases, a bogus performance rating isn’t of itself illegal although would look bad in litigation. Better lawsuits would be using a ‘protected class’ approach. Was there age discrimination? Retaliation? If one those exist (and some others) and can be reasonably proven, would increase one’s odds of successful legal action. Doesn’t hurt to consult with an attorney to determine whether you have a case.
For this round, the 10% 5/6/7 was changed to 20%
Yes it’s coming. Out of ones control
As a manager, I can confirm I have been forced to give at least one low performer rating. Two of my colleagues has decided to no longer be a manager but to stay in the director role because of this forced rating matter.
@cx+1jkvqq6f2 - Group ratings are determined by "Results Based" and "Power our Culture" ratings. I'm pretty sure they are only visible on the backend.
Exceed/exceed - Group 1
Exceed/met - Group 2
Met/met - Group 3
Partial/exceed - Group 4
Met/partial - Group 5
Partial/partial - Group 6
Did not meet - Group 7
This information is available on MySource if you dig for it. (YES including the part that says 10% must be in Group 5-7)
Will anyone be laid off with the new severance package or will everyone just be terminated?
Just to be clear, not just forced rankings but forced ratings. The curve was redistributed to double the number of group 5s. No longer a normal curve.
——
Can we see our rating given?
All I see is meets expectations as a rating
I can confirm that forced ratings and rankings have been occurring, even for employees who were on target at mid-year. Those who received a “Partially Meets” rating are essentially being pushed out, often without prior performance discussions or Performance Improvement Plans (PIPs). This practice is happening even within the People Team.
As a result, several colleagues have been let go in recent weeks. Leadership appears to prioritize their bonuses and personal well-being above all else.
Does anybody here know what the 'groups' mean?
I have seen notes and comments about Group5, Groups 6 and 7, etc, but have no idea what that means except maybe some type of target or something.
Just to be clear, not just forced rankings but forced ratings. The curve was redistributed to double the number of group 5s. No longer a normal curve.
I heard of
People in finance let go yesterday & day before and the people let go were the people that got a partial meets or lower via the forced rankings. They did not get their severance but they got their “package” - don’t know exactly what that means but the speculation is they only got 30 days of pay…..
Given that this a rigged process, can the managers comment on which ratings are going to be sc--wed with no severance? 4 and below or 5 and below?
Why bother? Use your time and energy wisely looking for something else.
The job market su-ks right now, you will need this energy.
Scientists say the universe is made up of Protons, Neutrons, and Electrons. They forgot to mention Mo--ns. 42 here below, is your scientific proof.
I can confirm the same is set to happen in the Westborough office as well. I’ve heard a range of numbers but at the end of the day, even one person terminated under the “low performer” ranking system is an abomination by a bullying bank, run by a CEO that is out of touch with the common folks that drive his business not to mention his outrageous bonus.
As a manager in Wilmington, I can confirm that what has been said is fact. I would be happy to testify if called and I just hope that the impacted individuals know that this is being forced on us. Managers I have talked to are sick that we have to do this next week. It has caused mental and physical anguish. As a person of faith, I continue to pray that there is a last minute reversal. It’s bad enough that we have to lay staff off multiple times each year, but to take away their severance is the lowest of the low. May god bless and watch over all those impacted.