Some organizations are adding thousands while others don’t backfill even with volumes rising and new clients being onboarded. The level of service is slipping big time with CLS’s, the quality is suffering and large institutional clients are complaining. Any ideas on an upcoming RIF for some non-tech, non-crypto groups? I just can’t understand what the leadership is doing or planning for.
4 replies (most recent on top)
sounds like it.
wow, someone is full of themselves it seems
Tech: they've been hiring at an unsustainable pace, and frankly are pulling from the lower depths of the barrel in terms of quality of candidates. I think they learned their lesson from the last time tech jobs were moved to India (projects required constant babysitting) but there's always the chance the newer leadership will think "maybe this time will be different" with India/Ireland/China. In any case, eventually someone is going to catch on that there's too many people working on stuff that doesn't make money (of those working at all)
Non-tech: the fixed income bubble will burst soon, if it hasn't already. PI knows this and is making moves to shift top reps to ISR, but it's herding cats. Other BUs may not be so aware of the looming issues in the bond market.
Customer service hires are really scraping the bottom of the barrel, and the company is struggling with lots of "problem people" at levels 1-4. This is true across the industry, but it still hurts. A major "market correction" will alleviate some of this as ERGs, purple hair and facial piercings are all zero-interest-rate phenomena. But the quality of the average undergrad just ain't what it used to be, so it's likely that the future of service at Fidelity, like that of the industry, will be less than that of the previous decade
The FidelityHood has not been pleasant for any customer with more than $100 invested.