Thread regarding Fidelity Investments layoffs

L8 would be stupid to pursue. Most people would hate you for being a
jack ***, you'd work your butt off for a minor bump in pay. Best way to wealth is to pursue index funds and live below your means. Retire early. Beat those L8 workaholics and retire before they do. I did it. You can too.

I made it to L5, saved half my salary and all of my bonuses and retired at age 52. Those L7, etc. are wasting their time working for someone else's wealth and probably working a ridiculous schedule just to afford material junk that they don't need. That's just how it works. My freedom is priceless and each and every worker can choose their path.

@fe you have no clue. Look inward not outward to truly see why you fail to get ahead. The 8/9’s are extremely talented people and you are just looking for excuses for your own shortcomings.

The top is so top heavy and lacks talent that I am so hopeful for a VBO just so they all go.

They are so bad.

@c7 here. I'm with Fidelity barely a year and the caliber of what supposedly to be the terminal level (L8) is indeed laughable. There are no more than handful of highest IC level in my previous company. Here at Fidelity? You throw a rock and you hit several L8's. It's so inflated that it lost its luster.

@c7 this person is just bitter because they’ve been sitting at a 7 for 10 years watching people that do know how to work hard, build partnerships, get opportunities and do something with them coast past them to an 8. That’s why words like “seniority” and “favoritism” are used. What it really means is “worked their a— off for 15 years to get there”, and “has built strong relationships”.

Now, with that being said, there are certainly some that fall into the “ridiculous promotion” category, but it’s not that way all over not all the time.

L8 at Fidelity is a joke. Most of them get there by seniority or favoritism, not competency. Ask a random L8 individual contributor what she/he contributed that has such an impact that deserve the title of VP? Likewise for managerial VP, what initiatives they can claim to their name ?

No idea what you’re talking about regarding free food. I pay for all my meals.

They get laid off, but they get very nice going away prizes. Rank and file get squat.

They get most of their breakfasts, snacks, and lunches paid for. It's always brought in or covered by FLIK.

@a6+1jwpw160w
Why do you think L8s (or other leaders at that level and above) might be at risk of layoffs? What exactly do they contribute? I don’t see them delivering real work or handling critical tasks—most of the time, it just seems like they talk without adding real value.

The biggest upgrade is the pay as bonuses are bigger and shares start to pile up, but the commitment level pretty much reaches 100%

L8s and above get pushed out and laid off frequently. I feel it could happen to me at any time. Over the past year I’ve seen many people at my level and above get the axe.

And no, people managers don’t choose who gets laid off. They get told a couple days before, here’s who you have to let go.

We don’t get any privileges, although the shares can be more valuable and the bonus percentage is bigger. But then, a lot of L8s got re-leveled to director compensation, I have heard.

Honestly being an individual contributor is a better gig in my opinion. L8+ is not what you think.