Walking the floors of JPMorgan in NYC, you can easily see that age discrimination is the norm. At a recent town hall senior management mentioned the recent “young” new hires and the goal to hire more. Walking through those revolving doors at 9AM you will see 6 out 10 staff members who are under 30 and walking down the many aisles of high efficiency workstations you will probably find someone 50 and older about 15 stations deep. And most likely the 50’ish is probably an analysist; senior analysists or vice presidents over 60 are few and far between. The joke is the new performance appraisal, built around career paths and the unspoken rule that you should move into a new role every 18 to 24 months. Anyone in the 50 to 60 age, while told they are the backbone of the company and seen as subject matter experts, (SME), are stuck with an “M” rating year after year and told “M” is the norm, and not a negative. Moving to a new role is a political game and posting is a joke. Unless you have connections, you will never get your foot in the door. As soon as they do the mental calculations: (current year – degree year) < than 50 your resume is tossed and you receive a notice that you are not qualified and take more training. And here you are the backbone of the company and an SME being rejected while your 26 year old colleague gets the job!
I've applied to almost 100 jobs at local JP Morgan Chase locations, but never received even one phone call. Younger colleagues do get interviews, and are hired.
They eliminated everyone since the chase takeover in 2006 at age 50 + some younger I being one in the 50 + Group. not age friendly at all
Older workers are too expensive Their benefits impact margins in every division except the very senior levels Experience means judgement and possibly resistance to change because youth means malleability
If you are over 50 and you or a family member actually uses your health insurance, you are laid off in the next wave of "reductions." Then you have to sign a statement that you will not sue Chase for ageism. My "team" of 7 was reduced to 3, me being one of the lay-offs, and we all had the same thing in common: over 50 and using our health insurance benefits.
Recently, Chase terminated several dozen attorneys -- all of them were over the age of 40.
Have seen time and again that when employee positions are outsourced, eliminated while on leave of absence or lost through downsizing, the Employee Assistance programs available to help find new positions are a joke. While these programs look good on paper, they really do nothing to assist older employees in finding new positions within the company.
It seems that men in the company are mire likely to stay after age 55 then women.
They hired me at age 65.
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After reading the comments by those who express their perspective of age related discriminating practices by more than a few employers, I felt very concerned for older workers that need/desire employment. I wonder if these employers understand that it is not just the revenue from young adults that keep them in business. I wonder how they would survive if the older generation would stop supporting their businesses. I also wonder if these employers understand the principle of sowing and reaping? I am grateful to your agency for providing the results of your survey and your commitment to provide older workers with reliable job leads.
-- Marie Moore, AARP