I heard in FI CE. Any credence to that?
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Fidelity’s biggest revenue sources (not in order of size) : 1) management fees as % of assets under management. US indexes down almost 20% in 2 weeks. 2) net interest margin. Fed has cut 125 basis points and another 75 is priced in to come. 3) brokerage commissions... oh,wait....gave that one away. 4) workplace investing services. Morgan Stanley bought eTrade and announced the WI market is where they will expand. Means more competitive pricing pressure in that space. Add it all up and there has to be big cuts forthcoming. No way management just accepts these hits on multiple fronts without cost cutting.
One Client Manager and one VP level Relationship Manager were cut in our group. Also heard about some fixed income traders being let go as well. Casualties of the new Zero Commissions on trading policy.
They seem to do this every year in March
More than Westlake and Risk. It’s very broad and crossing divisions.
Which groups are affected?