Thread regarding Fidelity Investments layoffs

@ag assuming scrum masters with a history of project management are safe then?

we just hired three Principal level software developers in the past 30 days. We had three roles and they were all filled.

@OP I agree that AI adoption is moving at a swift pace and senior management is looking ahead and the RTO strategy will experience natural attrition as well as the increased in metrics on current human staff. Basically, have the current associates run harder until AI can take over a lot of these roles & if some fall off that will fit into the strategy of natural reductions. If you work at Fidelity you need to understand what is your role as for bringing in revenues or are you simply performing a repeatable task- phone roles included as AI can sound very human and most clients simply want their question answered or issue resolved, who cares how that is accomplished just as long as quick and accurate. When you view things from the top you can see the object of the game is to lower overhead expenses while increasing efficiencies. If the company can handle twice the volume with a 3rd of the staff how would that feed into the bottom line?? None of this is personal, it's just business.
As I think about this, I can see where once AI has learned the Fidelity systems etc. from a client's perspective, I could see zero hold times when calling in. The main thing for AI is to be quicker than let's say the current phone prompts we all deal with such as press 1 for this or press 2 for that- AI needs to be as human sounding and interpret the request the client is inquiring about quickly to avoid the frustrations of current phone prompts. Interesting times and expect to see many changes within the industry going forward.

@c1 Green Meadows is within FCAT and is a startup clearing BD Abby specifically asked to be created separately from NFS/wealthscape/mainframe technology due to how many complications were coming up with modernizing that platform. It’s a clearing broker dealer that’s 100% cloud/API based and currently clears for FDAS as well as traditional assets. Most tech that’s suddenly pushed out to each BU, usually starts within FCAT as an idea or POC. So yes, FCAT makes the firm money.

The way AI is being asked to be adopted, I see major impact to software engineer role. As AI matures, lot of all techworks type roles would be impacted. Entire Indian IT industry team will have impacts because outsourcing can be done to Copilot instead of them. I agree, and 110% expect associate count goes to below 75K within couple of years.

lol since when did FCAT start making money?

-20k headcount reduction is unlikely. That would equate to -25%. Even in the worst of times 10% would be max. 5% more likely.... over a couple of years. Look at the competitors, they react greater than this company will bc they have to answer to shareholders. This company as privately held, can maintain a longer term version. In fact, in bad times, this company doubles down on growth and ultimately comes out ahead. When competitors drop 20%, this company is less than half of the market bc of the future vision.

@an that assumes RIF only. You’re not counting those who will quit with the RTO mandate. That remains to be seen.

Think it also depends what BU you’re in. Areas like FCM and FCAT that are well oiled machines (make the firm a lot of money) aren’t going to be touched. Not sure if they are informed ahead of time but neither used these agile titles in the first place.

From 85 to 65 means 20k cut. At 300 per round it will mean about 67 rounds. 1 round per month means you won’t hit 20k for 5 years.

@af you had me going! I was seeing red 😂

Groups in the bullseye - Squad Leaders, Group Squad Leaders, Product Area Leaders, Non-technical Group Chapter Leaders and Chapter Leaders, Scrum Masters with no Project Management Skills, Low Performers, IPs, Individual Contributor VPs, Product Managers that are not specifically aligned and deeply engaged with Products (I.e. product managers that are Chief of Staffs for an L3 or L4).

The way the RIF happens will have to be very planned out - there are legal requirements for states to be notified of impactful layoffs (there is a number threshold by role). I would expect some games to be played - I.e. layoff 300 SLs, wait a week for new Product Leader title and layoff another 300 former SLs to avoid triggers. That way the news doesn’t break before notifications to associates.

No way. Groups are hiring and promoting. The in office culture is revitalizing everyone’s vision of the future and …… just kidding. Hope has never been lower and the environment has never been more toxic.

What groups would be impacted? There needs to be a layoff, my department is bloated and we are overstaffed.