Be prepared. The rumor has it that Fidelity will be doing layoffs and offshoring of labor to India where labor is 1/3 the cost. The main reason is that our offices in the US are not equipped to handle our current employee count for 5 day RTO.
As such the plan is to Layoff and Offshore. Fidelity has already ramped up hiring in India, via college recruitment and news paper ads. You have been warned. Also, all new position posted in the US are strictly labeled as onsite.
No layoffs, my friend. How can laid off reps swipe their badges??
Stop the made up cr-p
Most of the India work is subpart.
Newspaper ads are not at all common in India .it was common some 20 years back Now days Fidelity relies heavily on Linkedin
News paper ads are a common a thing in India. Companies use ads in news papers so that these job listing are not available online (visible). As a result, American employees are often blind sided when they find out their company has recruited massive numbers of Indian talent abroad.
I believe that at %3 an hr Fidelity is just taking jobs from Americans.
Fidelity has long embraced remote work, even before COVID popularized it, and maintains empty offices across the U.S. as part of its operational strategy. Employees nearing higher pay thresholds, with few direct reports, or around ten years of service—which comes with a modest but helpful retirement stipend—often find themselves let go, regardless of their past or present contributions.
Over the past five years, Fidelity has also restructured much of its management, favoring Indian green card and visa employees. While this shift supports cost-cutting goals, it also addresses some of the challenges arising from cultural differences and the constraints of offshore (Indian) time zones.
Most American employees targeted for RIFs earn over $200K annually with benefits, making them ideal candidates for replacement. After all, who wouldn’t want two employees for the price of one? Unfortunately, Fidelity seems blind to the significant impact this has on the culture once established by Ned Johnson.
This approach has nothing to do with the amount of available desks in its buildings.
I could tell this post was bs, when the author mentioned newspaper ads. What's a newspaper?
No offshoring I've had zero luck communicating with offshore call centers with any level of complexity.
This post is only to spread lies and scare people, This site is great, but any information like this post that is not substantiated is not believable. The rumor mill is always flowing around the office, but what is being stated is not part of that.
Is this the same as the VBO, 5 day RTO last year? A lot of nonsense.
I’ve heard rumors of more offshoring. No rumors about layoffs so far.
Unlikely. RTO mandate is to prop up real estate price and maintain preferential local government tax rates. Whether 4 weeks with half the headcount or 2 weeks with the current headcount we'd meet the requirement. Business is thriving with current headcount. Also, despite cheaper cost the quality of college graduates is lower than experienced professionals. So it would just slow the rare of innovation and introduce more problems.
this is someone trying to get people riled up. Move on if you're that unhappy.
Every job listed, with the exception of branch consultants (onsite) is listed as either hybrid or remote.
When does this, "Also, all new position posted in the US are strictly labeled as onsite" show up? There are like 1000 jobs posted at the major sites, all hybrid.
I guess the “India is capped” was a lie
I don’t think this makes sense. They would have to lay off half the people in Boston to be able to fit everyone in there in September. I don’t see them laying off thousands upon thousands of people in the US this year, do you?
My group is taking work back from India