Former analyst accuses FINRA of age discrimination in lawsuit
A 54-year-old former analyst for FINRA sued the agency over his termination, claiming that he was part of a layoff that unfairly targeted older workers.
Brian McIntyre, who worked in the self-regulator’s New York office, said the regulator mostly sought to terminate older workers in a September wave of firings after FINRA lost a regulatory contract with the New York Stock Exchange in 2016. Although the workers were allowed to apply for other positions at the agency, most older workers including McIntyre weren’t rehired, he alleged.
FINRA, which primarily oversees licensed broker-dealers, hired younger employees to fill the positions, McIntyre claimed in his lawsuit filed Monday in Manhattan state court. Younger employees affected by the layoff were also given more favorable terms of separation and severance, he alleged.
McIntyre said he was earning $125,000 per year plus a 25% annual bonus and benefits, including pension benefits, at the time he was fired.
Michael Rote, a FINRA spokesman, declined to comment.
In 2017, workers in the U.S. who were older than 55-years-old held 25.5% of jobs in the financial activities industry, according to the federal Bureau of Labor Statistics. Although age discrimination remains a problem, almost 20% of those age 65 or older hold full-time jobs, up from 12% in 2000.