Thread regarding Fidelity Investments layoffs

The enduring strength is it is private and can keep itself well hidden from the public, regulators and employees. There are Wells Fargo like scandals that could be made public that would tarnish the companies name, but the firm does a great job at managing that risk.

And "back in the day" Ned appreciated and cultivated an environment that reward an honest effort: not saying it was perfect back then, as many a sleaze bag climbed the ladder, but still if you worked with integrity it also got recognized/rewarded. Whereas today if you are of an ethical mindset you are the main attraction at the carnival.

Further when internet bubble imploded and exposed the real profit centers the whole "Scale" idea began to get implemented and the slow decline into a Walmart like business mind set began. Plus the market competition arising from the shift to internet based low cost alternatives; Fido always being behind on innovation, forced the rush to lower the standard.

Mirroring the scale approach is highlighted in personnel, a high school diploma will get you a phone rep/branch rep job. Last year you were at prom, now you are a financial professional.

Fidelity is purposefully insulated/hidden from the world, turn on CNBC/Bloomberg and when they highlight an upcoming business round table with CEO/Leaders from financial companies you will never see Abby sitting along side any of those folks, The place is invisible, maybe this is its strength!

Bottom line is that the power has now shifted to the employer. “You want a job? comply. Don’t want a job? Gtfo”. This is who they have been all along, they just don’t hide it anymore.

Fidelity had a great culture and I loved to work there. We were then told to give up our desks and share them with everyone. Then we hired to DEI quotas and the quality of cleanliness and professionalism went way down. These are the dirty people who’d sit at the desk we cleaned up the day prior and they left their previous desk trashed. Never had I dealt with body odor and people who dressed like slobs prior to 2019. Add as what others have stated the leaders are horrible. We hired in GM’s who hired MLL’s who weren’t even good managers and they have know idea how to train and coach new leaders. It’s really bad, they talk about reps and managers business in the open and laugh it off. Cussing and carrying on like high schoolers had me call it quits. Several really good, highly respected people left while the lazy entitled people stay with no accountability is what got me thinking to leave. There are jobs out there working from home for more money. You’re just a number at Fidelity, what’s your a badge? You’re really a number. Good luck to those of you who stay there. Luck is for the lazy, skill and effort doesn’t require luck.

Kind of amusing post(s)…”We lean on our historical cultural strengths as an org but which are feeling disconnected from current reality” the operative word is “feeling.” Fidelity’s culture of the past was awesome…built on hard work, team work, ethics and team mates that were quite intellectual, talented and friends. Where did that culture go? It’s a fact…3rd generations almost always ki-l the business but to the original post, Fidelity has long been a cash cow and will survive. Following the Harvard thinking, hiring fools who promote DEI cr-p… well I guess this is self evident by the many posts of unhappy minds and a lack of employment enrichment. Use to be Fidelity would hire an outsider who would come in and they were going to change the culture…Fidelity’s culture would eat them up. The company needs to get back to their own identity/culture…spend less time on feelings, hiring quotas that are not white male, etc. Worked at Fidelity for decades and it was the best. Thank god (?) don’t work there now. Fidelity has a long history of developing leaders but maybe that too is gone. Promotion/development based on identity…and not merit…is self destruction. Enjoy?

Our product diversity and we are a cash generating printing machine...esp when interest rates are relatively high and equities are up. We lean on our historical cultural strengths as an org, but which are feeling disconnected from the current reality. That could be the story of Sears 40 years ago, I guess.