A lot of people come work at fidelity because it’s regarded as safe and stable, you can expect to work for years without fear of layoffs. This has changed over the past few years as fidelity conducts layoffs almost every year now.
I will be jumping ship. Might as well go earn more money somewhere else, even if the threat of layoffs is greater than at fidelity.
i wish it was that kind of indians
@yqs If so, then where are all of the Teepees?
They show the 2024 diversity report at the enterprise levelut but I bet they have drilled down to BU level and saw tech teams are overrepresented by Asians. Question is will they do something about it?
During COVID they hired 8 jillion Indians. Now, we’re stuck working with bigoted ethnic-suprem@cists that only hire their own and work to fire Whites.
I was with Fidelity for about 12 years.
I saw them bring in their family members, friends and buddies and promote them to managers!
No brokerage experience or business training whatsoever!
One guy messed up trades, dividends and even the mail.
What did they do after several years?
They promoted him to manager at the branch !!!
It's such a woke, politically correct company !!!
Do yourself a favor...go to Vanguard ,Prudential,UBS or anyone but Fidelity !!!
Lots of problems at Fidelity these days. Miserable associates, lazy leadership, lawsuits and unethical execs. It's become a wasteland.
Lol at the people blaming DEI. Maybe don't be an @sshole, and/or get better at your job.
Every year I worked at FIDO, I expected a RIF. That’s how they have always operated. It’s not anything new.
@h9 y'all? What is this a Mountain Dew commercial? Let's go down to the saloon for a good old fashioned $hit kicker good time Y'ALL
Fools….it is not the lowest performing employees that are laid off but rather the most expensive, those willing to speak up or those who don’t buy into the silly corporate cr-p like DEI. There is life after Fidelity! The company under Abby is unrecognizable compared to how her father ran it. It’s lost its way, the culture is no longer what it was and if you are a white male employee…go to a competitor!
I worked for Fidelity almost 20 years until I was questionably fired. I started in the early 2000's when it was under Edward Johnson's leadership. I felt under his leadership that I had landed the perfect job. Every aspect was faultless as long as you were a driven employee with goals of advancement. The base pay was below industry average but the quarterly bonuses my department made were close to the annual salary of most Americans. We were given unlimited overtime and had flexibility of when to arrive and depart as long as we put in the minimum of an eight hour day. We quarterly meetings at nice restaurants where you were allowed to consume alcohol as long as you didn't over do it. Sometimes the quarterly meetings were held within the campus but food and drinks still provided. I remember fondly after one meeting taking two bottles of beer back to my cubical and drinking while talking to clients. Everything changed when Abby Johnson started taking over operations from Edward. It was gradual but the presence felt. First it was the removal of our pensions. The removal and dismissal of incredible leadership and management who have been with the company for decades. The truly shocking times for me were when 2008 came around with the layoffs. Your manager would come by and tap you on the shoulder to come with them into a meeting room never to be seen again. A lot higher paid colleagues were released during that time who were more tenured. I believe I kept my job due to winning the President's Circle award. Everything stayed on a downhill path until years later when I was pulled into a conference room. Long story short, I was accused avoiding clients yet I was in the top 10% of conversations held with client contact. I wasn't allowed to retrieve my weekly reports to prove I was a top performer and was walked out of the building with a manager retrieving my car keys and wallet from my desk. I believe I was fire due to my base salary being twice the amount what they were paying new hires straight out of college for the same position. There's plenty more I saw as the decline of Fidelity but the more I think about it the more upset I get because my goal was to retire from Fidelity.
Fidelity was NEVER "stable." They routinely laid off or let go people every year around springtime as the new crop of students who want to make it big in the financial servicers world emerge from their schools.
Come to Schwab
Buh Bye
Today is my 17th anniversary at Fidelity. I do my job well and if I'm Riffed, I'll find something else.
Even at the drive through, people rise to the level of their incompetence.
They closed account abruptly without giving a reason. Apparently front doesn't know what backend does. Arrogance does not pay when consumers have choice.
I dedicated my time working for them, only to witness a system that rewards complacency while hardworking employees are shown the door during layoffs. The ones who play the game stay, or even get promoted, while those who truly contribute are cast aside. They know exactly who they are. A little flattery and two-faced loyalty go a long way there. While I appreciate Fidelity’s robust online services, I would never work for them again.
Last year they laid off a lot of people in the productive areas of the company while D E I management chain kept their jobs.
SAD!!!!!
Why would you leave.... if they lay you off you could get a severance package if it's going to turn out to be a permanent layoff or you could then just file for unemployment until you find something else. Don't just jump ship due to fear of being laid off
Why is your opinion more valid than any other random employees?
Look at who y'all hire! There is a reason why. Half the employees don't do work. Some struggle to understand basic etiquette of being in a office building. Don't smell bad, get out of people's way when they are walking. Good riddance!
Guess I'm as a customer
Looking a schwab or vangaurd
DEI ...can't die fast enough
For those of you blaming DEI for your lost job, go find the real reason and stop wasting space and your life. Entitled is an understatement and so fitting of the WagtheDog culture. Fidelity lays off workers regularly. Hmmmm, anyone check in on the tech giants? What about lesser known, smaller companies? You're safe there? Focus on what keeps you valuable instead of looking for a scapegoat.
Because ai can do all their jobs instantaneously in a few clicks. So it begins.
The opposite of layoffs is entitled legacy employees with no accountability and bureaucratic bloat. Nobody is guaranteed employment.
I'm a director and am perpetually disappointed at how many people refuse to invest in training and education when it's offered to them, then perform mediocre work and complain about being laid off.
Down sizing equals more stable.
If you're worried about being laid off, why would you go work for a different company that has a higher chance of laying you off, you monkey
I don't necessarily think of stability when I think about the appeal of working for Fidelity. Their benefits are what keep people around.
I'm stuck in my current position - took whatever I could to get my foot back in the door. But even after earning my degree, the main thing recruiters look at is your current salary grade? Without even looking at outside experience before declining to submit you to the interview rounds.
I've repeatedly considered going to a different company, but the value I would be losing by leaving Fidelity is immeasurable. I would need to make at least $30,000 more to even equal the insurance and 401k matching they offer. That doesn't even address the $25,000 they have contributed to a Retirement Health Savings Plan that I would lose outright if I left.
And I've been there for 8 years now. I've seen repeated voluntary buyouts. In my experience the company tries to find somewhat more ethical ways of reducing the number of employees before they resort to layoffs. And again, layoffs usually affect the lowest performers.
DEI hiring practices and micromanaging have pushed the best employees out. Who wants to work for someone that has less experience than you constantly looking over shoulder? No thank you.
I don't understand why they have so many employees. I have been with them over 20 years and only made 2 phone calls. The website is self explanatory.
Fidelity does a very poor job for their RIA institutional clients. Lower interest rates on cash balances and try to force the sale of Fidelity product. Their client service is a C- and if it hadn't been for Peter Lynch, they'd be a middle tier player. If you want to work for a top tier organization, Fidelity is not it.
You're leaving Fidelity for fear of being laid off, but you'll go somewhere with a greater chance of being laid off? I don't think I want someone like you managing my money anyway.
All i can say is that:
Nothing is certain except Uncertain!!!
More federal workers need to be fired. Good job Mr president. Get rid of all those sh-t bag losers not working since hoaxvid 19
From a customer perspective, I've been with Fido for over 30 years through 3 company 401k and benefit plans. For the last 15 years I have worked with the same advisor. Some of the support has changed but the core team has not!
I keep reading about individual contributors not following the various rules being let go or threatened to be let go. To me that means the managers are not doing their jobs enforcing the rules.
[Not commenting here on the value of the rules.]
The senior leadership needs to look at management first. There have always been some associates at Fidelity not performing satisfactorily but often nothing was done. Then when it came time for RIFs, hard workers who performed well and earned raises and promotions were let go while the underperformers remained because the criteria used to get rid of people relied heavily on higher compensation.
If managers actually managed associates, maybe fewer RIFs would be needed. Senior leadership should hold managers accountable (lower or no raises, bonuses, etc.) when they aren't doing their jobs and it should follow up the management chain.
I think where they need cuts and fresh blood the most is at the top 3 levels. It's full of no-talent, non-inspiring, brown-nosers. These are the very people that created the mess we are in. Don't blame the lowly call center or h1b staff. They have no power.
Been at Fidelity for almost 30 years. Saying Fidelity is not a stable company is absurd. Do they frequently lay people off? Yes, as mentioned above, Fidelity likes to keep fresh and engaged talent. But while I have a very limited number of friends that were lost to layoffs through the years, I have a very large number of friends that have been here with me for all 30.
Sales reps at Fidelity are constantly facing pressure to hit their sales numbers otherwise they could potentially get fired. Nothing wrong with layoffs, it cuts the fat. For those complaining about instability, try joining a sales team. Stability is not reality.