Thread regarding Fidelity Investments layoffs

Will Fidelity be hiring more newbies to groom?

Fidelity went through changes over the past few years. New blood will be needed to go with the new norm. That being said, new blood as in “new from college” would also be ideal. Programs like Leap and other training programs for new grads that Fidelity makes to train up new recruits into professionals will be needed to condition these people to the new Fidelity identity.

At least with Leap, Fidelity provides some pretty good training to new devs entering the work force, and places new students onto teams to work. They provide them valuable training, but last I checked, don’t pay as well as other market value salary wise. Fidelity pays Leap participants with experience and the ability to mess up. That way, they can save a few who are good in the future, so they can afford other devs who walk.

I’ve noticed many people from Leap aren’t being retained at Fidelity. At least from my Leap class onwards. We didn’t really have a chance to adjust to one normal and stick with it. We just had to learn to obey demands to go into an office. On top of that, get used to all this time monitoring Fidelity implemented overtime. It’s not cool, but Fidelity needs people now more than ever to bring in. And it still has a stellar reputation. And there’s many new grads desiring to grab a chance at breaking into tech, which Fidelity offers. With the way the job market is now, people need any job these days, and Fidelity can certainly train needy new grads.

With all this being said, will there be more hiring for programs like Leap to get new blood used to the new norms at Fidelity?

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Post ID: @OP+1k12j7cgn

7 replies (most recent on top)

@bw I think LEAP is a good source new talent and I've seen and worked with some excellent individuals coming from that program. I've also seen some entitled, arrogant blowhards who think because they have a certain time in title, they should be promoted. There is also a culture where these class alumni share their salaries and bonus numbers with each other every pay cycle, and as a result it's not about being the best in your job you can be or learning, it's a competition to see who can progress the fastest. The number of these know it alls now sporting VP titles is laughable considering how they've barely stayed in one position long enough to know anything about their organization or making a true mark. it's called the art of FUMU. f up move up

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Post ID: @jk+1k12j7cgn

@ed well clearly a few people read that to respond back. Let loose!

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Post ID: @hz+1k12j7cgn

Your post is too long. Nobody has that kind of attention anymore. Tighten it up!

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Post ID: @ed+1k12j7cgn

@bw I beg to differ, the LEAP alumni I worked with all all superb. It's just Fidelity couldn't keep them long enough. Imagine fresh out of college, you drop them in a team whose members predominantly hailing from the biggest democracy. It's a culture shock in everyway. Out of the five LEAP associates I worked/working during my three year tenure at Fidelity, three has since left. If I have to do a regression analysis on what factors explain their retention: team diversity is the only variable I need.

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Post ID: @d5+1k12j7cgn

I'm sorry, but LEAP is the most over rated program and produces entitled under achieving overly rewarded employees I've ever seen in my life.

I'd love for Fidelity to get rid of LEAP forever.

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Post ID: @bw+1k12j7cgn

If Fidelity upper management has a shred of wisdom left, replace (resource wise) the outdated and expensive middle management with fresh blood out of American universities. One L8 VP for two to three eager individual contributors (IC) while creating upward mobility for the senior/principle ICs.

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Post ID: @bn+1k12j7cgn

Fidelity is a great place for those younger folks or those making a career change to get into the financial investments industry. Of course, the pay will certainly be on the very low side but at Fidelity it is all about following a repeatable process so basically creating human robots so in a sense it is like a factory job where one would be doing/ saying the same thing over and over multiple times during the day. That is why Fidelity can hire younger or inexperienced people that do not have true market experience or knowledge so what I find is with more mature clients as they realize the twenty something giving them investment advice is missing the real word experience and understanding of the true emotional aspect of living thru a prolonged bear market recession. Sure they can spew the stay the course and time aspect etc. etc. but the client wants to know you have experienced this situation in the past. Fidelity advisory is basically filling a computer program so what I have seen is recommendations not lining up with what the client is actually saying and the computer model is based on the assumption the market will just continue to go up with not a lot of consideration of the possibility of going thru a decades long recession which is possible. That is why client's perception of Fidelity is you are all great when the market is up and why I am with Fidelity when the market is down.
It is a great place to get your feet wet in the industry and once you achieve that can always move outside of Fidelity to increase income.

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Post ID: @bm+1k12j7cgn

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