Thread regarding Fidelity Investments layoffs

Age discrimination class action?

Considering that the large majority of those laid off are 50 or over, I was wondering if a class action based on ageism against Fidelity would be a possibility. My wife is one those who were laid off, and she said that in her department there is barely anybody left who is over 40. She worked hard for this company, always made sure to go the extra mile, and this is how they thank her? This can be legal, can it?

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Post ID: @OP+PIIaKwU

20 replies (most recent on top)

Fidelity gets a big pants tent when they lay-off older workers. Has been that way for 12 years. It’s not the same company. Total down the toilet since AJ became involved.

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Post ID: @cFkvz+PIIaKwU

If there is, sign me up. Ageism is the last area where discrimination is not only tolerated, it’s encouraged and Fidelity is leading the way.

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Post ID: @cEdzf+PIIaKwU

Nothing surprising in your post. I've been trying to get a male friend hired. Super qualified, etc. Same experience for him. It's not even being hidden that they prefer female candidates. Saw a prior post on this board that someone was told their bonus would be tied to hiring women. The examples go on.

There are women only events that seem like they are doing the exact thing that was the problem (men only).

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Post ID: @cDkkv+PIIaKwU

So, my story is I worked for Fidelity Investment for 22 years and then was laid off as they consolidated their System side, I can't say it was age related because there was another person in my group that was my age (62 at the time) that was not Riffed (Reduction In Force). In January of this this year that person retired and I got a call asking if I wanted to come back as a contract work, which I did (I'm not ready to retire). First thing I noticed is they hire some young Off-Shore workers to work in the group. I also noticed that these people weren't trained very well since I often needed to correct mistakes they made.

There's a lot of work to do and I've been putting in extra hours every week and working most weekends to keep up with my stuff. Then I was told they would not be funding my position for next year (good luck to whomever has to pick up all the work I've been doing). So I decided to see if there were any other positions available and found an opening in group I've been supporting the most this year.

I put in my resume, been in contact with the group manager, and was told an interview would be scheduled. That was 6 week ago. I've had no interview schedule and the staffing person who originally contacted me won't return my emails. My general belief is my age is the reason mainly because I'm highly qualified for the position. I've actually had to train some the people in this group on what processes to run to get the data they need.

I can't say definitively that my age is the issue but I have a hard time coming up with another reason I can't ever interview for a low level job that I am highly qualified for, since it gives them someone with a lot of experience at a low cost, other then they don't want someone my age in the company.

Maybe upper management should take some of the anti-discrimination training they insisted on having all their employee take.

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Post ID: @cDunl+PIIaKwU

fidelity's lawyers must have scared this site. perfectly reasonable posts are being deleted,

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Post ID: @aYyqs+PIIaKwU

Wow. Well I’m in this boat as well. After 24 yrs I was just let go due to “complains” from others. No other explanation or details. No warning of any type like they are suppose to. But I’m 53 and still a top performer. So with that said I guess they had to make up stuff to let me go..

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Post ID: @aYerx+PIIaKwU

I’ve heard rumors that some people who didn’t take vbo in 2017 were given the vbo package after they were laid off one week after the vbo acceptees were gone. Anyone else hear or experience similar?

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Post ID: @8Bdyw+PIIaKwU

In 2010 I was provided 2 pieces of information, one from a Fidelity employee and another from an HR professional who was outside of Fidelity.

A third piece of information was common lore at the time among employees.

All three are of course anecdotal yet they pass the sniff test for me and they should be looked into:

1) A fellow employee told me that Fidelity, working with the Boston Consulting Group, developed and began executing on a 10 year plan to "turn over" the entire workforce within 10 yrs (laying-off 10% of the company each year

2) A friend of mine was told by an HR person outside of Fidelity that the goal was to reduce the average age of employees beo below 40 yrs. Note: at that time there was a lot of negative press about succession planning for then Chairman Ned Johnson and generally hand-wringing about a lack of clear success plan and the advanced age of his lieutenants at the time.

3) when the monthly layoffs began around that time, it was accepted among the employees that one important criterion of release was a low corporate ID -- IDs were issued in numerical order and served as a good proxy for surreptitiously selecting older workers.

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Post ID: @7awfw+PIIaKwU

Gotta love Abby's favorite buzzword "vitality". When I first heard it as someone in their late 40's I knew exactly the underlying meaning. They wanted to get younger as a firm. Needless to say, I am gone too. Your story of a 60 day plan made up of impossible metrics after 10+ years of excellent reviews is what happened to me too. It's very unfortunate. Like you, I'm in a better place now. Thought I'd be there until I retired.

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Post ID: @50tfl+PIIaKwU

I know this is an older thread, but I just found it. I was with Fidelity for over 13 years and never had anything but the best of reviews and had always been considered a leader in whatever group I was in at Fidelity. However, when I turned 50 the attitude seemed to change. Over the years, I had seen good, hardworking people let go for unexplained reasons, but the one thing they had in common was their age, they were all over 50. At 52, I was called into my bosses office for my annual review and to my complete surprise I was handed a 60 day "get with it or get out" list of things I needed to do in order to keep my job, the list was utterly impossible for even the most skilled person within my group to accomplish. I had never received a bad review in my life, but was now being told that I wasn't complying with their policies and these was a list of things that no one in our group did, like documenting calls that I was being written up for. Anyway, it is now 7 months later and I couldn't be happier about having left. The company was great under Ned, you always knew you were cared about and Fidelity took care of its own, now I agree with so many others, Abby is running the company into the ground and she doesn't care what she does to the employees, they are just a number to her. It is sad. Looking back my last two years at that company were two of the worst years of my life. The stress of the job left me a shell of the person I once was. By the time I left I was having panic attacks and significant anxiety and depression as a result of cutting down on the bodies and increasing the workload. Don't be surprised if Abby is preparing the company for a sell off or to go public.... there has to be a method to her madness because eventually this is going to backfire on Fidelity and no one will want to do business with them. I experienced so many issues with my own accounts there, I took my money elsewhere before I even left.

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Post ID: @50kfm+PIIaKwU

I am 52 and was laid off as of September 1, 2017. I was told I was able to be rehired if I applied for another position. I recently applied for a position and was turned down. I did almost 11 years on the phone. I was told that an internal employee gave a statement about me they did not like. I did not authorize this and it was not a supervisor. I was also told they are not looking for people with experience or a college education. They are looking for retail, restaurant and healthcare workers now to work the phones. I gave a total of 13 years to this company and this is what happens. I got old.

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Post ID: @4vjrn+PIIaKwU

Unfortunately, if they want you gone they will make up a reason to get rid of you. They just did this to my husband who is turning 50 this year. He was blindsided and fired for a reason that was untrue and never even addressed to him for correction if it would've been a real problem worth firing over. After 12 and a half years with the company, this just happened the end of January 2018. Watch yourselves. Definitely feel it was age and pay due to yrs of service.

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Post ID: @20gvc+PIIaKwU

I am in the same boat, I have been with Fidelity for 12 years and always had stellar reviews. I came to a different department 2 years ago and my boss told me I make more money than anyone else in our group. When I look around, all I see are people in their 20's and 30's, with a few in their 40's and three of us over 50. There weren't any layoffs in our group so I am assuming they are coming up with new ways to get rid of the older folks.... I was recently given a bad review which shocked me, I have done nothing but become better in my group and I would say I am one of the most dedicated and hard working individuals in my department. The reason for the bad review were things I was supposedly not doing, which no one in our group is doing due to lack of time and double the workload. I was given 60 days to implement a list of items that is designed to make me fail. If they could fire me now I am sure they would, but thank goodness for me they can't until after the New Year, so at least I will get the profit sharing if they have it this year, I wonder about that too.

Maybe it's time for some of us to stand up to this corporate giant and fight... I know we couldn't win, but we could at least make the public aware of the type of company they have their money with.

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Post ID: @wtlo+PIIaKwU

Age discrimination is standard procedure at Fidelity Investments. They bully their employees into silence.

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Post ID: @nphg+PIIaKwU

I was the third person in my group at Fidelity forced out due to presser of being laid off. All three of us were close to 65 so I we were discriminated against for out age. Two of us we 15 year veterans the other was 7 plus years and the last of my group recently got the package offer which they had to take cause if they didn't they would have no doubt been laid off. We always had positive reviews and pay increases until the last 3 years of our careers. They began to hire more contractors so they would not have to pay benefits. My group was dedicated we worked dam hard and long hours and got to work in very bad weather cause we were needed on site. The last couple of years left a very bad taste in my mouth about working there.

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Post ID: @lglu+PIIaKwU

It is hard to win the lawsuits and Fidelity used the voluntary buyout to limit the number in RIF's, I hope that someone has balls to file a class action and that it goes to a jury and judge that would allow the voluntary buyouts to be counted, but you are fight a trillion dollar company, so no way to win.

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Post ID: @9wog+PIIaKwU

I know several people over 55 who said no to the buyout offer who have been laid off. Absolutely horrible way to treat people.

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Post ID: @1qcf+PIIaKwU

I was laid off Tuesday and am also in my 40s.

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Post ID: @exs+PIIaKwU

I feel I am next as I am over 40 and only people being hired are in their 20's. Unfortunately they don't have the same work ethic as us older folks. Having been here more then 15 years with the hopes of retiring here I am now looking externally since no one is safe here especially if you are older.

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Post ID: @gub+PIIaKwU

https://www.nytimes.com/2017/08/07/business/dealbook/shown-the-door-older-workers-find-bias-hard-to-prove.html

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Post ID: @ptd+PIIaKwU

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