Sadly, in financial service companies the culture makes heroes out of those who cut costs, improve margins, and boost dividend payouts. Their Boards are populated by the 1%, who push for and readily approve the “corporate initiatives” to grow profits at the expense of long-term employees by cutting their jobs and retirement benefits. These actions are not limited to publicly traded companies. Northwestern Mutual in Milwaukee took similar actions in 2016-2018.
Meanwhile, these firms aggressively recruit Millennials, seeking to re-staff with a less-expensive workforce. Millennials take head: these companies will do the same to you in 10-15 years. The only way it changes is if you refuse to work for the companies treating their long-tenured employees this way. You have the upper hand in the labor market. There are currently more jobs than candidates for your demographic. Have some self-respect and a conscience and only work for companies that value age diversity and actively recruit and hire older workers. You can see a list of companies who have signed the AARP pledge here: https://www.aarp.org/work/job-search/employer-pledge-companies/.
The only way these companies will change is if they have to in order to maintain a competitive workforce. If they can’t hire good people, they will be forced to adjust. Millennials, you have a chance to change corporate America for the better. Don’t waste it. Refuse to work for companies like BNY Mellon that do not value older workers. Your future self will thank you.