Age Bias Is New Discrimination on Wall Street
Wall Street has traditionally been a discriminatory environment to work in for many people. In the past, the country’s financial industry has always had a reputation for discriminating against people of minority races as well as women. Now however, it is older employees who are beginning to feel the heat of the industry’s discriminatory practices.
Several financial analysts claim that age discrimination is widespread on Wall Street, and those discriminatory practices have increased with the tighter financial regulations that were put in place after the meltdown of 2008.
The increased regulatory oversight has led to tightened moneymaking ability at many Wall Street companies. When there are tighter regulations, there are few opportunities for you to make greater profits. In order to make more money, companies have looked at reducing their overheads, especially the kind of salaries that they pay their professionals. One group that is increasingly being targeted when it comes time to handing out pink slips is the 45 to 55 year age group.
There is a specific reason why professionals of this age are being targeted for bias in the financial industry. Employees in this age group are already well-established and enjoy a very nice annual salary, perks and benefits. That means more expenses, and for the company, it often makes more financial sense to limit the number of these employees. An entire generation of employees in this age group is simply being phased out of the industry, as a growing number of lawsuits show.
What is really worrisome to California age discrimination lawyers however, is the fact that age discrimination now does not involve persons in their late 50s or early 60s. Discrimination based on age now begins when a person enters his mid-40s.
