Thread regarding Fidelity Investments layoffs

VBO

I am curious. Most of the people here who say they received a VBO offer are over 50. Which makes sense, since I assumed this would be aimed at older employees with more years within the company to get rid of those with the highest pay. However, I know of a few colleagues in their 40s who also received this offer, and that’s the confusing part. What makes them special? Are they the outliers or are there more folks in their category who received the offer?

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Post ID: @OP+1a4efJMj

12 replies (most recent on top)

Fidelity doesn't do anything that specifically benefits the employees. If the employees happen to benefit, it's not by design. It's sad, Fidelity was a great place to work but they initiated cultural changes starting maybe 6 years ago that really make this less of a good thing for experienced employees; it got to be a place I couldn't wait to get out of. The only thing that can be done is TOA out.

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Post ID: @nykr+1a4efJMj

hmmm, maybe check with an attorney on that? i know of a couple people who retired effective first week of Jan last time (not laid off) that were given the VBO. there must be some legality around it. i'm sure they wouldn't have done so if they didn't "have to".

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Post ID: @koak+1a4efJMj

Yep, laid off at the end of last year. 9 weeks later Fidelity offers a VBO that I would have qualified for. They won't give me the vbo package. I feel tricked. Fidelity sucks.

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Post ID: @juop+1a4efJMj

"I left Fidelity last year but they contacted me two weeks ago to say I was eligible for the VBO. No joke! Anyone else have this happen?"

I was laid off at the end of 2020 and crickets. Calling HR tomorrow.

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Post ID: @hetm+1a4efJMj

To @etdv+1a4efJMj - They did this with the prior VBO too. This costs a big company like Fidelity little, but keeps them out of trouble. You create an issue by laying off people before offering a buyout package. I don't know about the legality of that, but the optics are terrible.

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Post ID: @ebwy+1a4efJMj

I left Fidelity last year but they contacted me two weeks ago to say I was eligible for the VBO. No joke! Anyone else have this happen?

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Post ID: @etdv+1a4efJMj

I am six years short.

I'd take reduced version. Smaller severance and health care would be enough to make me leave.

The D&I approach is a farce.

"Software Engineers" are being hired who are 'bad at math.' This is no joke.

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Post ID: @5meg+1a4efJMj

I've heard that less half of expected numbers signed up. Not half of those who were offered, but half of the expected, which was already some fraction.

So ... thank you and good luck?

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Post ID: @5klx+1a4efJMj

Above poster is spot on - Fidelity can dip down as low as age 46 to turn over the employee base. It's obvious Fidelity is going for a younger population to move through the ranks and set up for the future.

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Post ID: @3btr+1a4efJMj

I was just two years short. I would have accepted it without a second thought.

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Post ID: @1spy+1a4efJMj

It's very straightforward formula for the VBO, years of service + age = 70

So those in their 40's, for example, might be someone who is 46yo with 24 years of service...i.e., straight out of college at 22 years old they joined Fidelity.

22 yo at start of Fidelity career....24 years of service puts them at age 46 which gets you the magic number of 70 (46yo + 24yrs service)

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Post ID: @ijk+1a4efJMj

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