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I don't -- -- -- -- each discrimination on Wall Street in the face of tighter regulations higher funding costs and less risk taking Wall Street is cutting back on the massive paychecks and pushing out older employees could this be the new normal.
Fox Business senior correspondent Charlie Gasparino.
Another way to -- and that's as I get older.
These age discrimination stories -- mean more to me he could.
I'm mad at all but well we're -- -- -- listen here's what you -- talking to people on Wall Street there is no doubt that theory is more than a generational push.
There are people who were in their fifties who feel that they're essentially being pushed out.
Not given the bonuses showed the door and this is the new normal based on tighter regulations less money less opportunity.
And it's really hitting home right now if you were between the ages I think of 45 and 55 on Wall Street I'm getting this.
From not just one conversation numerous conversations with people.
We'll be given their pink slips over the last year -- so.
You are an endangered species on Wall Street wise that you make too much money.
You know you've been around a long time so you know maybe it's time to let the other guys take over and let the younger and younger generation it.
It they need to cut costs have you noticed bankers' salaries are getting squeezed -- traders a lot of the other reason for that is the increase regulations you can't trade as much.
So amid the in this environment they're cutting course and what -- -- -- is to push you know the old -- -- pushed -- someone -- 6062.
Three years from retirement.
I'll tell me now what's occurring in this -- so reminiscent of -- whole Brooke's character in Wall Street one where he gets pushed up for the young Charlie -- what it was that was and how -- was the guy that was the -- right it was the -- -- to Africa and it wasn't and yes he was he was the -- thought.
How Holbrooke was the conscience -- right that's that's -- -- you do consider this you see I can remember -- a great line about it.
When -- when you look at to a good.
Let me see execute things you don't want to write but you know -- but that's a good -- this team is right to -- there was an older character.
Who was -- -- war in Alaska it is with a mustache but back then.
That guy was in his sixties idea to wise what he had -- and -- -- who you know that current life black -- and how he was divorced.
Get a new while -- -- -- in the X and but he was in his sixties early sixties sex than do the way he was betrayed.
This is different this is a generational shift.
That's occurring because all these cost pressures would you point out that is only seven banks now it just it is great and profits -- Charlotte -- expect there's less if -- -- profits but they have.
There's lesson -- to go round.
-- -- fewer jobs particularly in sales and trading given Volcker Rule and and and Dodd-Frank and amid all this one of the consequences of this is that the old sixty.
Is now 45 to fifty parent company.
This is a really scary because I know a lot of these folks you're between 45 to 55.
You were being pushed out now the positive things for young guys they can move up the ladder faster and but I'm telling you that this is the new discrimination almost anticipate lawsuits -- lawsuits you know what one of the things I'm finding is that the that the that that the banks are essentially.
Paying up like that to give people decent severance maybe a six months to -- -- severance but there's not that -- don't carry -- so -- -- -- people still can't -- the job after six months.
This is a real problem the age discrimination issue resistant Wall Street discriminated against.
You know certain races for many years -- -- who's been a very discriminating place for many years the new form of discrimination I believe based on what I'm hearing out there particularly.
As these pink slips start to go out you know Wall -- banks make a lot of money but again they're they're they're pruning staff.
It is in this age group that you know we used to be the sweet spot right 45 to 55 as we made mostly money.
These are the folks that are essentially being there on the watch why not just firmly under performers.
You can you can do that.
It's IR BC they are but it's even you -- more money.
In this -- -- business folks have been there for awhile.
They got benefits they got the exterior on that you know you remember Wall Street make -- money and bonuses but these are the folks that are in -- senior enough levels where they make.
More money than other how much as high frequency trading and the replacement of humans without charisma that's that's -- -- that's an issue too that's affecting mostly the trading the trading desk.
We should point out that high frequency trading firms -- saying -- they're not make a lot of money right now because of 200 outings but I will tell you this -- didn't -- discrimination on Wall Street now is age discrimination and -- You know when you're sixty.
And -- five years retirement years shown the door it's between 45 and 55 okay Botox and I'm right there are hot right there on everybody.
-- air it out right that's our collective -- -- -- don't know -- in the sweet spot but I -- there.
And -- very sweet thank you not a word most people describe it but -- well -- what what what he says.
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