Talked to two Grade 8’s - both in FI, who are extremely confident that there will be some sort of RIF this month, maybe 11/18. Sounds like a sizable cut.
Another person I used to work with in PI Phones, high up, confirmed. Anyone else hearing anything?
Fidelity is vicious with regards to RIF.
They do anything they can to reduce headcount prior to an actual layoff.
They tend to target mid-level long time employees whom are at the high end of their pay range.
Methods used are: movement to dying projects, assigned garbage tasks, transfer to new locations, strict enforcement of RTO, no salary increases, anything to cause pain or make them angry enough to leave or retire early.
It’s a shame since many of these people have given their careers to Fidelity.
The company made 3.5 billion in net profit in Q3.
I highly doubt a RIF will be “huge”
I’m gonna need a copy/pasted text conversation of this before I believe it
They're just changing titles and the working model so squad leaders and chapter leaders are both responsible for the work (hence the two in a box reference). Bob didn't like that some chapter leaders were very hands off with the work (which was a problem spotify had with this model), he wants engineering managers more tightly integrated into the teams
Per latest memo
No more squads, scrum masters or chapters
Also he mentioned contact HR partner if any question.
You don't ask an associate to reach out to HR unless you're being asked to negotiate severance
Nothing on RIFs have been confirmed at least from my perspective. It’s all just been “more to come soon”, anything at this point unless you’re very high up is speculation.