Thread regarding Fidelity Investments layoffs

Perfect Storm?

  1. Adoption of Agile/Scrum.
  2. Complete re-write of code base for AWS migration away from old IBM codebase.
  3. Second VBO for senior employees familiar with old codebase and business logic.
  4. D&I hiring and quick advancement of inexperienced people.
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Post ID: @OP+1afyL2AH

15 replies (most recent on top)

Did anyone notice that they didn't count the India employees in the D&I report they published? That's close to 7K people of color left off the report. They only focused on the US workforce. Really skews the numbers!!

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Post ID: @Swlm+1afyL2AH

I see a sh*tstorm on the horizon!! I am taking the VBO as are a handful of my peers. Our boss is taking it also. We're all gone on 6/30. The crazy thing is that nobody has/will discussed transition planning until the June 3rd date passes by. So that effectively leaves 3.5 weeks to transition to someone TBD! My projects have a ton of Q3 and Q4 calendar year deliverables this year and I have no idea how I can properly transition in that short timeframe.

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Post ID: @Sdeq+1afyL2AH

Farewell and adieu to you, Spanish Ladies, Farewell and adieu to you, ladies of Spain;... think of the movie Jaws. Only the aging employees will understand this comment.

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Post ID: @stvs+1afyL2AH

If/when the sh-t hits the fan, it won’t be Abby who gets canned as she owns majority stake in Fidelity.
It’ll be all you newbies coming on board or one last purge of the 50+ age group.
For being in a risk based industry, Fidelity certainly exposed itself to some high risk based on the points mentioned previously in this post.
Better take off your rose colored glasses.

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Post ID: @nluq+1afyL2AH

Fidelity just posted record profits and Abby’s net worth almost doubled. If this is a perfect storm I would take it. Remember, Fidelity is hiring like crazy to meet demand and the VBO is not about helping older employees retire and creating room for younger employees. Fidelity is such a great company no one leaves which is a good problem to have.

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Post ID: @nzxf+1afyL2AH

Yet another tsunami hits SS Fidelity during the storm.
Greater than 50% of tech work is offshored in India, the terrible Covid outbreak there will have lasting affects on SS Fidelity.

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Post ID: @nqde+1afyL2AH

Another set of waves in the storm will be the reorg of squads after each VBO offer date this year.
These will definitely rock the boat.

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Post ID: @iirx+1afyL2AH

Indian staff are extraordinarily biased in favor of other Indians. Perhaps the D&I squads that are always on the lookout for bias and discrimination can have a look at that???

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Post ID: @1hsc+1afyL2AH

While D&I is a good thing, just rushing out to improve your D&I numbers for a better PR image and then placing these new hires into positions they are not ready for (not always the case), is not such a good thing.

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Post ID: @1spd+1afyL2AH

50-60% of the technical teams have Indians. Is that going to change for D & I ?

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Post ID: @1iha+1afyL2AH

Sorry to break all of your big egos but women and diversity are just as talented and qualified as white men.

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Post ID: @1rqw+1afyL2AH

Just sitting up on deck drinking my morning coffee. Watching the icebergs float by. Seems they are replacing the deck shuffle boards with corn holes. Not sure why the band started playing.

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Post ID: @1uzb+1afyL2AH

While I applaud Fidelity for trying to become a more progressive company which is appealing to younger candidates for employment, I have to agree it is a lot of change in a short period of time.
Since I am on the boat, I hope the captain keeps us afloat and we don’t take too many torpedos from competitors.

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Post ID: @1xus+1afyL2AH

Good point. The adoption of Agile caused somewhat of a reorganization of teams and titles. The result was not optimal for many and has caused some moral issues.

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Post ID: @1azm+1afyL2AH

The idiot in charge of my team was promoted from another department because of his "experience" in Agile. What a joke. Outside of JIRA and how to conduct a "scrum," he's clueless about everything else. Him as a boss is a form of employee abuse.

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Post ID: @1err+1afyL2AH

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