Thread regarding Fidelity Investments layoffs

Laid off today

Alright guys I’ll give y’all a real post. I was an SM in wealth and got laid off today. I know you guys like to hate on SM’s but seems like a lot of us got hit. Meeting was put on my calendar super early this morning as a 1-1 without any context. Been here for 10+ years and for severance I got 6 months, prorated bonus, PTO paid to cash, and shares cashed. My manager was visibly shaken up and was like a robot reading off a script just emotionless and monotone which was very unusual. Was told to take the rest of the day off and don’t bother coming into the office through the end of the month which is my last day.

It su-ks but I was already interviewing elsewhere which I’m stoked about the severance and all the payouts.

For those affected, just know you are not alone and this is just how “at will employment” works. I hope you all bounce back quick and enjoy a little time off to recoup. Or at best find another job and enjoy the dual income.


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| 21 views | | 17 replies (last May 7) | Reply
Post ID: @OP+1kr1nypy2

17 replies (most recent on top)

@b0 What is the standard package if you don't mind sharing?

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Post ID: @b1+1kr1nypy2

@aq Are they giving based on tenure? I just joined last year. I got the standard package. 10 months would be awesome. Wealth Tech L7

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Post ID: @b0+1kr1nypy2

@aq Thank you for responding and good luck with everything. Wishing you the best.

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Post ID: @as+1kr1nypy2

@an 10 months, looks like they’re doing two weeks per year of employmen

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Post ID: @aq+1kr1nypy2

@a5 i know at least 3 on h1b were impacted. Multiple SMs & CLs in enterprise technology were impacted.

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Post ID: @ap+1kr1nypy2

@am Do you mind sharing how many months of severance you received?

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Post ID: @an+1kr1nypy2

Here too, Director, product management in brokerage, 20 years. Probably time for a breather anyway. Good luck out there everyone!

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Post ID: @am+1kr1nypy2

Same here, Scrum Master in Brokerage and L5.

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Post ID: @ab+1kr1nypy2

@a9 as someone who was forced out of an SA role - I agree 100%

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Post ID: @aa+1kr1nypy2

So sorry, you have an amazing attitude and are going to do great in your next position. SM only get a bad rep within fidelity bc of the restrictions put in place by snr mgt. the writing has been on the walls since the SM role was made an “option” in 2019 to adapt the Spotify model. It was their way to phase out systems analysts. This isnt your fault, this is the fidelity way. It sounds like you would be welcome back at any time once the dust settles, but you’ll be onto bigger and better things.

Checkout some companies that arent fully abandoning the scaled agile thing. TJX does sAFE and it’s not as bad as the reorg spotify approach.

If you were managing more than 2 scrum teams, dont be afraid to list your role as exactly what you did. Project Management/Product Management.

employment verification will only refer to your role as an associate and the years you worked there. Don’t let them de-value your view on yourself. you got this!

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Post ID: @a9+1kr1nypy2

@a2 sorry to hear that. What BU and grade?

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Post ID: @a7+1kr1nypy2

@OP sorry to hear this. A lot of good people got hit it seems. Fidelity abandoned agile with the same gusto they took it up. They failed people like you who tried to make it work. Wish you the best going forward.

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Post ID: @a6+1kr1nypy2

@OP any H1b are impacted?

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Post ID: @a5+1kr1nypy2

@a3 FI NC

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Post ID: @a4+1kr1nypy2

Which BU and location?

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Post ID: @a3+1kr1nypy2

Same here, 14 years , developer

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Post ID: @a2+1kr1nypy2

Everything same got hit this morning as well. Godspeed

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Post ID: @a1+1kr1nypy2

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