Thread regarding Fidelity Investments layoffs

@m0 I hate how all this has been done. It’s so frustrating and morale is so low. Even the new engineering leads are questioning it.

I am gonna start looking to move to some other part of Fidelity. Under Eric E isn’t it for me anymore. Nonsensical decisions through and through.

The intent of BME is in its essence upper leadership taking back control. This is them telling us they don’t care what we want to work on, how we work on it and when we do it. They want total control of tech teams. If you haven’t observed, Abby and friends have had an obsession of tracking everything. They want metrics so they can cut costs. They want to point at numbers and say “your squad didn’t do sh-t, you’re not needed anymore”, “this project costs us way too much, shut it down and get rid of your squad”. We spent way too much during Covid and Abby didn’t get her return on investment, hence BME. It has nothing to do with routines or whatever bs. It’s also why they had to absolutely scramble to put together trainings when they first rolled it out.

My advice: keep giving bs data in trackit, over inflate everything enhancements and under inflate anything core and maintenance. F their stupid game and show them how retarted they are

@da 100%

@f1 you are spot on. They don't care to answer to anyone and don't want to communicate - no understanding of the business. All that matters is their bonuses or whether they get promoted - heads down, I'm building this widget using this cool new tool - regardless of whether it's what the customer wants. And let's trash the scrum masters, squad leaders or anyone else that we may have to work with, especially if it's a woman

@h4 it’s so d-mb too.

“When execs don’t know what to do, they reorg” - one of my very old bosses said this. I think about this everyday now.

From my observations of how the brownnosers behave, BME = AIF (Abby's Inadvertent Fa-t). Mostly likely Abby inadvertently commented on "we need to evolve our business model", brownnosers take it as an edict, turn it into the BME acronym, ordered stickers and destroy people's lives in the name of it.

BME = Business Model Evolution which is as stupid a name as "thing 2". Anyone in the know please explain the rationales behind it and the practices it preaches.

@ct what is BME?

@ct thank goodness. Funny how the most technical org decides to not follow this BS

@de that is just d-mb. As someone who had both titles and one point and worked with engineers every day, they can’t run sh-t without clear direction and are pi-s poor at communicating, even with one another. They also su-k at bringing business value while solving issues or starting net new initiatives. You don’t seem to know anything honestly.

Fidelity hires tons of Indians and without some vision or planning, nothing gets done properly.

This reorg isnt how high performing companies run. Fidelity is showing its lack of ambition and understanding.

At my corner there are more squad leaders than physical squads. Isn't that stupid?

Scrum Masters are the biggest waste of resources on Earth.

Squad leaders are also a joke and should be done away with.

As a scrum master I can tell you a lot of teams are just “going through the motions” and saying they’re doing bme but we really aren’t. I think it’s ridiculous because we are asked to do agile but leadership wants to shoot down work from above? What’s the point of planning within teams if work is decided from above and things constantly change within the quarter? All this is just a massive waste of time and you end up with teams gaming the system to say they did something to make leadership happy.

I heard ET is not following the BME sh-t but we'll see.

They have an entire organization of scrum masters…

Every BU or just PI and FI.

Did they layoff ppl? Or how they not doing scrum?

It's really bad.... a lot of people got layered and moved into new undefined roles..... oh and I guess no more scrum masters.

Bottom line. It's a disaster