Earlier this year Fidelity offered a voluntary buyout to 3000 people over the age 55. Of that about 1500 took the voluntary buyout. Then they had round 2 (laying off 450) and 3 (unknown number) of RIF's and picked up nearly everyone that turned down the buyout and added in some young workers in the RIF to just squeak past the limits for disparate impact against the protected class of older workers. The whole thing stinks, an extremely profitable company with margins typically above 20% dumps older workers because those high margins are being threatened by lower fees and rising healthcare costs. I guess older workers are dead wood and it's cheaper to move more work offshore. Yet Fidelity wants to lure in the AARP crowd for investments, just not for employment. Years ago Fidelity offered it's workers a pension, that was eliminated, then it started to nickel and dime benefits. I can only speculate that their will be one final round to clear out everyone left of any seniority and age sometime in 2018 because I can't find any number about round 3. Fidelity loves to keep it quiet. Come Jan 1st a whole lot of names will just go poof out of outlook as that is when everyone from round 3 leaves. It is a shame that workers over 40 and some with 20 years working for the company are shown the door involuntarily just to save a few bucks in a very profitable corporation. Fidelity is a good place to temporarily work before moving on, don't get s---ed into believing the company has any loyalty no matter how many hours of your life you have sacrificed to them on weekends and overtime in your career with them. Put yourself first and don't buy into that they will be there for you in the long run. I should have bailed when I was younger and still easily employed elsewhere, don't stay past 50 period.
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I am 51 and have always had outstanding performance reviews and suddenly everything I do is being questioned. I was told the things I am not doing (nor is anyone else in my department) is an issue. I was given until 1/2/18 to turn it around, along with a very long list of "must do's" if I want to keep my job. The requirements of me being able to accomplish half of what's on this list is ridiculous, even if I did work 24 hours a day 7 days a week. The writing is on the wall. I never thought that after giving 110% for 12 years, I would be discriminated against because of my age, but this appears to be the case. Sadly, I don't think being terminated under false circumstances qualifies for any type of severance, at least I will get my bonus and profit sharing. Maybe it's time someone took a stand and consulted an attorney. I just might take my own advice.
I took the buyout this year - considering I had already been given a termination date, the buyout was an upgrade - and a fairly nice one with 21 years of service.
But I don't expect my IT career to pick up anywhere near where it left off - if at all.
Sorry to hear you lost your job that s---s. I always have empathy for those laid off especially in their 50s when it's harder to find employment.
What did you do for fidelity if you don't mind me asking? I have been hearing there have been a lot of cuts in tech but little to none on the personal investments side of fidelity where 13,000 out of 40,000+ work. I know a lot of people on the PI side are worried that a RIF is coming to PI next year but it's all speculation at this point.
I am 50 and was let go in this round. Always had good performance reviews. Awarded stock options. Promoted. In the end it didn't matter for anything.
You know this is going on all over the place right? Not just Fidelity,
Read "Latest Posts" for an eye opener, where you will see this kind of story is standard procedure.
And don't worry about layoffs in 2018, this is being done for a reason, not normal housecleaning.
Since 2009 it's been one giant debt fueled bubble and now it's time to pop it, as its time is up.