Thread regarding Fidelity Investments layoffs

Fidelity layoff 1987

Anyone Remebers 1987?

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Post ID: @WBMWHXz

8 replies (most recent on top)

It's a slow news day, I guess we may want to talk about 1987 then

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Post ID: @WBMWHXz-Lbkf

User @szfy has good info.

You can research this more here (use the link to see the whole article, I am pasting top 3 paragraphs only):

https://www.apnews.com/0fc1b946c45a2dd9b3f8ae2978d24e08

February 29, 1988 - Fidelity Announces 800 Layoffs

BOSTON (AP) _ Fidelity Investments, the nation’s largest mutual fund firm, today announced plans to lay off about 800 workers, with more than 70 percent of the cuts in its Boston area offices.

The company attributed the 10.5 percent workforce reduction to a slump in new stock transactions and slower money management business since the Oct. 19 stock market crash.

The layoffs, to take effect immediately, include 530 workers in Greater Boston, about 150 in Dallas and about 50 in New York, said Fidelity spokeswoman Karen Ernst.

The remainder of the cuts will come from other offices around the country, she said.

The action reduces Fidelity’s nationwide staff to approximately 6,850, about the same number of workers employed by the firm in mid-1987. Since the early 1980s, Fidelity experienced significant growth as the economy improved.

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Post ID: @WBMWHXz-Lzfk

I remember 1987. I was in priority services in Salt Lake City. There no layoffs in 1987.

The phone site in Cincinnati opened in 1987.

Yes the DJIA dropped 508 points (over 22%) on 10/19/87.

Money Market rates were just under 10%.

The related layoffs occurred at the end of Q1 1988 as a ton of investors moved assets from Mutual Funds to high yielding bank CDs.

5 or 6 employees on my team were impacted.

At that time the firm was experiencing net redemptions and the 1988 tax season was virtually non-existent.

Really, my only point is there was not a layoff in 1987 although the 1987 market crash precipitated it.

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Post ID: @WBMWHXz-szfy

Who gives a flying f.

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Post ID: @WBMWHXz-9ytm

Yep. Bush pretty much made a deal with the Saudis to take out the USSR. Declassified documents released by the CIA showed they had been thinking about it for years. Guess who was Director of the CIA/UN Ambassador around that time?

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Post ID: @WBMWHXz-gmj

Went down to $4 from $40 in 80/81 IIRC

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Post ID: @WBMWHXz-unw

I remember oil went to $9

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Post ID: @WBMWHXz-zcy

Dow drops 508 points! People jumping off of buildings!

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Post ID: @WBMWHXz-vvh

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