Thread regarding Fidelity Investments layoffs

My department was just informed that we have to reapply for our jobs.

Looks like layoffs are around the corner.

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Post ID: @OP+1729K54N

12 replies (most recent on top)

Returned in October from being out for back surgery ( been with Fido since 2002 ). I am over 55 and felt like I had a target on my back as soon as I returned, but thought I was paranoid. Was terminated the second week of December and lost my chance at a bonus. Very weak excuse from them and when I pressed for why I was told by my SVP that it had already had been discussed with senior mgmt. and was a "done deal!" I made a lot of money for Fido and was treated like a piece of garbage. I look forward to finding a smallish company for my next finance job. Culture changing drastically since Uncle Ned retired.

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Post ID: @1Xiky+1729K54N

Yes, they will eliminate a role if you’re 40 or older. They did it to an entire group of my colleagues, and guess what the common denominator was—of all of us whose jobs were eliminated? Everyone was age 40 or older, including a few who had returned from maternity leave recently. They don’t give a rats **as about deep knowledge, they just want cheap labor. Give all the jobs to the young kids and then promote them to manager within a year. The culture has changed significantly.

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Post ID: @1Bdnp+1729K54N

The previous comment got it right. Basically, it is the cost of the labor and benefits. Not too long ago Fidelity was approaching 50K employees and the right bonuses were in place for the right men. The management became this mid-layer of people without skills, over-priced, over-staffed labor getting older, with insurance premiums going up and up. In order to pay for technology upgrades, something had to be cut. In the end everything was cut. The real high cost was actually created by technology failures which required more people answering the phones and helping where the new technologies couldn’t because they were delayed failures to start with.

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Post ID: @1rmza+1729K54N

The hiring in many aspects of Fidelity in the last 6 months have been mind boggling, and i agree, something is going on. In our group we have hired 35 % more people , all with ages in the late 20’s -40’s, lower salaries and many from the outside. Emphasis on minorities and women, seems that experience is not necessary. Now everyone in our group is slower than ever, and wondering what is going to happen. A simpleton could figure out that with Covid and changing to a virtual model would slow down many aspects of our division. (So why would we hire more people). When more tenured reps question the choices, up line managers just tell us to go find opportunities, when we never had to before. It really is sad and you can tell that the SVP is managing towards there goals, bonuses, shares and payouts. F— the lifetime employees.

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Post ID: @1ifyt+1729K54N

At Fidelity, leaders will talk about leadership, and not about responsibility. Talking about responsibility would mean that they would have to admit their own mistakes, and they just don't want that. Remember S. Neff and all of his debacles around the website and other products? Pure catastrophe. Yet, he was praised until the moment he left. Celebrate the failure.

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Post ID: @Eblf+1729K54N

It’s clearly a pattern of behavior with them.

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Post ID: @Eluk+1729K54N

That’s their latest MO to clean house of the old guard to hire cheaper. They think this is how to get around age discrimination. Happened in my former group a few yrs ago. They notified 40 of us via a group conference call that we were all being laid off. But we could apply to interview for 40 “new” jobs. The whole mess was such a transparent ploy. Let’s just say, 1. Not everyone in this group of 40 got interviews (some did, and got some jobs) and 2. The avg age of the 20 who ultimately left, was 50. I had it on good authority that the think tank mgmt team already had who they wanted already selected. Very few ppl over 45 remained, and the more senior roles were given Millennials.

Talk about a sh**show. Sorry to hear they’re still pulling this c-ap. I know this happens, esp during economic downturns, but their handling of this was incredibly unprofessional, insulting, and so blatantly transparent. Good luck.

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Post ID: @Ejja+1729K54N

They’re trying to offload the old folks. They’ll make it look like it wasn’t done that way. But they will hire younger people they can pay less. Look where they’ve done it across the complex. They talk a lot about diversity and inclusion but if you’re over 40 you don’t matter.

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Post ID: @Bbln+1729K54N

50 and up getting fired? Medical insurance is expensive.

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Post ID: @wwes+1729K54N

Most likely changing to agile. Retail went through this a couple years ago.

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Post ID: @cfsx+1729K54N

Was this true? Never heard anything about it. We are still hiring in my group.

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Post ID: @cupj+1729K54N

What department? Which location?

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Post ID: @1cyx+1729K54N

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