Definitely more than 700 reported.
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Those who were laid off were given a large document containing the age and positions of those laid off. This was given to combat age discrimination laws. I counters between 5-6k people. Several other people I checked with counted the same.
United States locations.
Sadly, they are shooting themselves in the foot. Our team’s productivity the week we are in the office turns out to be about 45% out of 100% when you compare it to the rest of the weeks. We put these numbers together starting last September and it clearly shows a drop in productivity. They took away our work/life balance, that’s huge! The team is boycotting the Townhall, where Abby tries to smooth out the wrinkles. I hope the room is empty for the Town Hall, that might send a small message.
By requiring so many folks to come back to the office 50% vs 25% of the time. this move alone I firmly believe was to encourage people to leave Fidelity organically.
Otherwise it just doesn't make sense. Especially when the dept results have been excellent and growing
lot of folks who got impacted on tech side were on US visa. they have given them 6 months LOA before termination. this wont trigger WARN in many places.
I mean the scrum masters and agile coaches are being let go and just those roles alone would be over 700
Why the company lies to the media? I don’t think they would risk the reputation to the general public.
How do you check the total number of employees on fid central?
It will be easy enough to see if leadership is lying to us. You can see the total number of associates on Fid Central. In 3 weeks we can check the number again and see how many people were let go.
The places I’ve heard 5% or 4,000 are: 1) here, and 2) a toxic VP who said they heard it from an SVP.
Can anyone back it up though? Does anyone have a list in their severance package that includes more than 700 folks who were laid off? Not, for example, 1200 people total in the packet, but 1200 listed as terminated? You don’t have to screenshot it but please confirm.
I’m hearing 10%
alot of people crying in the office today. Definatly more than 700
International took 1000, Wealth 1200 if you do the making math and cascade the 1200 down to the smaller BUs you land around 3,500-4000 which is 5%. They like round numbers a 5% sounds about right with something they would do. I’m sure the 700 has to do with severance offered or maybe just a MA number. They hate to be forced into being honest.
If they give enough notice/severance, then they don't have to report to WARN.
Looked at the WARN rules for the states Fidelity operates in and most of them say that a WARN report is only required if 500 or more employees will be let go per location. If they got cute and laid off fewer than that in SMT, WLK, MMK, BOS, etc - might have been able to get around the reporting requirement. Unless the site number doesn’t really matter. Not sure. Someone might have to be willing to screenshot their docusign.
Do we know that for sure or is everyone just on here panic posting?
I’ve seen no evidence beyond the 700 reported. If anyone can link the WARN report mentioned which allegedly shows 4,000 layoffs that would be useful