Confirmed cuts are coming this fall, although this won't be sudden.
Impacted folks will be communicated that they have X number of weeks to transition into a new role within fidelity or negotiate severance.
Some folks will be given till end of year to figure out their fate.
The list is already in the process and your skip level will communicate the decision to you.
How can I volunteer as tribute?
@e6 not true
I saw a VP in Asset mgmt got knocked down to director in another org. I worked with this bo-b- karma got him finally
There are VPs in my BU who are “project managers” who don’t have any technical knowledge or direct reports. Their value is limited. They really should have been cut too but cockroaches will survive anything so it seems
just fu--ing fizzbuzz the engineers, we could cut staff by half easy
Any VPs with less than 5 reports cut would be a cost savings and save the people doing the actual work. They make the big bonuses and probably have shares too.
@e6 if you can't call people being asked to find a new role or else leave as "cuts" you're delusional.
There are legit people in my expanded team now who are forced to find a new role before end of June within fidelity or accept severance (which is just two months pay).
It happened twice in 2024, in March when bunch of scrum masters were set free, followed by Dalian and other cuts in October.
Fidelity has never cut twice in a year. So stop these rumors. There might be small re-orgs and more promotions. Not cuts.
@c7, this.
Ask each VP to write an essay justifying their title. Assemble a independent committee to review them like the LRC team reviewing our code base:
This way, may VPs will be exposed as imposters.
VP roles were given out like candy at Halloween around Covid, especially in these DEI roles and in HR. Any VP without directs or not highly specialized/educated should already be gone
@ap this offer post layoffs is all too common at the firm, and i also feel as though more women are inclined to accept this way more than men are. I read about this in a former Fidelity associate’s book— Erika Ayers Badan formerly worked in a higher position at fidelity and was essentially forced to choose a demotion to an admin team or be let go with a similar style of layoffs we are reading about here. I think her level of success is obviously rare, but it did remind me of a woman i knew personally on my team that faced a similar conflict and chose the same path.
This was just before i joined, of course as we are seeing again with all the new hires are probably just as blissfully unaware as i was. She was already well in over 20 years, same exact group. She was a director and i was new to fidelity so i wasn’t familiar with pay grades etc. As she would have wanted, I had no clue for years before she was the head of the department with a VP title.
During one of these types of layoffs and periods of uncertainty, It was a polarizing topic to talk about — they were starting a lot of VBOs again so water cooler talk began. A contractor one day let it slip to me that right before i joined she was demoted to director after being VP for years, everyone knew how unfair it was because she continued on working just as hard if not more and had to report to a younger way less experienced VP. I was about 4 years in and it was just a topic no one talked about because it was that brutal. I left my BU due to the Spotify re-org toxicity, it was never going to work. Clearly.
Anyone who has been at the firm longer than 15 years knows this is the fidelity way to stay. I said no to the Scrum Master position and took a product owner role at a different company. I am really sorry for people who are faced with this demotion decision at any pay grade it’s not right. In the end, i left my career at fidelity with a ton of respect and admiration for her. I’m not saying that it is always right to stay and accept a demotion, but since my departure she looks to be promoted back to VP. Erika didn’t regret the decision either, but that was because she joined a really fun group with a woman who had a house on revere beach.
I really dont know what the answer is to this type of offer. They are horrible for doing this again to people. Revere beach is adding a Kowloon tiki bar so maybe a demotion with that sort of payoff would be worth it… or eventually getting that VP title back. Neither outcomes are promised.
Thinking of you all, this su-ks.
@at - you are 100% right - they are sadists
@as it won't be as sadistic if they would have figured it out sooner
Remember as one of the comment from other posts, the leaders here are the same people who were bullied in school
Wish they could have figured this out during the first cut. Many would rather have the summer off rather than endure much more of this RTO and reorg BS.
I heard water cooler chatter in NC that focus is on reducing the fat, which is why teams are being consolidated without any logic.
Some VP level roles for engineering are still unsure if they'd remain in the same role or will be moved.
In short, same bullsh-t that is being going on for past 3 years with no clarity whatsoever.
Not sure what the HR is doing with all the pulse survey results when they know it's ever declining
So is this where they’re going to ask VP individual contributors to become Directors, or leave without severance?
A0's want lot of grade reduction, so they are creating lot of lower grades, if you move a grade lower you are safe, else you are out the door. No severence also now as in the case of may
I suspect something. all my managers are on morning meeting today
I believe this,
Post may 7 events, we have too many people in the team, with same titles.
There will be further evaluations done to check if it's worth keeping some folks.
Logistics would say, if you have been on team for long you'd be favored but the leadership is a headless chicken 🐔
Is this being communicated today?