Thread regarding Fidelity Investments layoffs

Oops... Let me clarify that comment about comp....

For those in mid to higher lvl jobs, Fidos total comp is very generous, especially for those who are mid to high lvl performance and mid to high lvl potential.

Take out 7% of your pay, and end up with 24% a year in your 401k.

Mid lvl employees receive the benefit of shares, which can push annual bonuses to 50% in very good year. 5-6 bill this year in income is possible.

High lvl employees can buy high yielding fmr bonds. That income figure would be higher if the firm paid mkt rate on debt.

Ultra high employees, can benefit from the firm's vc investments.

Don't mix up the computer returns with other violations. The policy for the computer returns was very unclear and even nonexistent. On the flipside, the policy for trading in a spouses account with another broker is VERY clear, which is why very few people do it. It's funny how these things work right?

"No other firm is as generous as Fido when it comes to total comp. Don't lose sight of that either." Lol give me a break. Fido's total comp is terrible even with 'profit sharing, 401k match' etc. I know it's easy to lie to yourself when you've been a "long-time employee. Other companies have way better compensation packages.

As a long term employee I find this all disgusting. This 'board' has become filled with whinny posts about vagueness on policies? 'the policy doesn't say what we can do with the computer' 'good reps fired'.

Cheating on leads to get credit for flows? I hope you get caught next.

Trading in an account of spouse/family without proper paperwork and following policies? You should be termed, those policies are there for a very, very good reason.

'they should let them pay the $ back, and warn them!', and what will happen if that same rep does something else like take customer funds, or ends involved in an arbitration?

'they shouldn't ruin their careers by dinging their CRD!'. Um, FINRA won't like us NOT doing so.

So please, call TD, SCHWAB, FISHER, TIAA about jobs, and share these are the type of values you have...

No other firm is as generous as Fido when it comes to total comp. Don't lose sight of that either.

I think a lot of people need to think about where they want to plant that "moral flag". Have you ever sent a quasi lead so that you could hit your BLT lead count? Are you transferring calls you should take so that your CPH and AHT hit goal? Were you mad as h*ll when you got someone else's bad CEI survey, but you certainly didn't ask to have the seven removed when the customer said that they had never talked to you.

If you ever leap frogged ahead of someone else on the scorecard and took a bigger piece of the bonus pie, your just as guilty. This was a company perk, just because someone decided that they wanted cash instead of the laptop you use to watch p*rn on doesn't make any of them bad people.

I watched a 20 year veteran get sent packing yesterday. A good employee and a great person, and I am disgusted to have to go back there today. If you think you are immune to any of this, you aren't. If you use Fidelity Wi-Fi they know that you are trading in your wife's account, and it doesn't matter if you stop today because the laptop thing is going back five years. And heaven help you if you downloaded the app that they can use to track your every step on your own phone!

How many times have you heard them cry about training brokers and watching them leave for other firms, they are marking their licenses out of pure spite. They are cutting good people loose and burning the bridge to any type of future for these people, and that's not the type of company I plan to continue to work for.

From the reports, Fidelity trusts the big box retailers over the employees. At least as a Fidelity employee, I know where the loyalty lie. Resume is cleaned up, and time to look for an employer that trusts me over Best Buy.

I hear you, however to mark a U5 as fraud is a steep punishment. Should just make you repay and fire you and not be eligible for rehire.

You said yourself, they "basically stole" like, I'm not really sure if they stole or not. The problem with what has been going on is that Fidelity is lumping actual criminal acts, such as the receipt situation in Jacksonville, with others who exchanged one Dell for another. Fidelity got mad and decided to scorch earth. All of them got the same punishment which is essentially a lifetime banishment.

You don't have to feel bad, but you do need to wake up!