Other companies are laying off or pausing hiring, meanwhile fidelity is still hiring like crazy. Does Fid have an endless pile of cash or are they just going to do layoffs later? Also why are we hiring so much?? I don't think the growth is there
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Fidelity has a long history of hiring tons of people, and then having a massive layoff 2 years later. They ramp up to meet a current need, over hire to compensate for people that cant pass the required cert tests after training, then when the current rush dies down they cull the workforce down to the top performers. If the market gets ugly fast, well, the firings happen faster and deeper. But in general, And all of the tech people that were hired to enable the new hires will be fired (infrastructure upgrades, trainers, tech support people to handle the increased workload of the thousands of new employees ). Ned had his own henchmen he would bring back to do the dirty work, don't know if the daughter will follow the same path or if she finds her own ax man.
so you can slack off at home....I get it.
Sounds like they should keep letting us work from home full time then and live our lives.
Fidelity is ki----g it in every business. 401k they are dominating, 403b growing and gaining market share , HSA Ditto , SPS and exec comp same. And the retail branches keep growing and aren’t able to keep up with demand. The money Fidelity makes on managed money alone is more than most firms.
Fidelity manages its’ budget, in large part, to its forecast of the S&P for the coming year. Mixed in is the general level of interest rates as Fidelity (as with other financial firms) makes good coin in a rising interest rate environment. The business units throughout the company then roll up their forecasts, including hiring expectations, to Abby. Think of Fidelity as the QE2…once it sets sail it can take awhile to maneuver, change course etc…
My best guess is that a number of things (unlike in the 90s and 00s) have conspired to keep employment at Fidelity steady for now: rising rates, boomer retirements continue unabated, thirst for advice continues to grow, and the desire to stay ahead of competitors as far as technology goes. What could change? The S&P could drop to 3200 or less; the Fed cuts rates; customers bail on managed products and/or TOA out.
From what I've been hearing, the VBO is ki----g Fidelity. Too many people with 20+ years of knowledge, people still in the trenches, took the VBO leaving their current teams with a lack of knowledge. Most a result of managers having single subject matter experts that that didn't push them to do any real knowledge transfer and are now paying the price. You probably won't see another VBO for some time until the knowledge curve increases. A VBO too soon could be really detrimental.