The cost cutting is significant at Fidelity. We used to have catered meals for reward luncheons. Now it’s bring your own sandwich. Up to about year ago they had campaigns which were sales bonuses and were quarterly paced. Payed out as points that could be used to buy anything. Last one I earned 360 perk points for a campaign that lasted 6weeks, that translates to about $500 on credit i could use to basically shop on amazon. We haven’t had a campaign since that one. They have completely eliminated an incentive that benefited me at least $1000 per year for doing my job well.
The company is going down fast with the outflow from managed mutual funds. And outflows from their sh--ty PAS managed account. Literally it’s the same as their lifecycle funds. Same managers etc. but they charge upwards of 1.2%. Horrible company and horrible business practices.