Confirmed today by two different VPs in PI that layoffs are coming Tuesday, June 11th. I personally know two people that were affected. They were told of their layoff today (Friday, June 7th). The only reason that they were told today was because both of these individuals received emails from UPS to their personal email accounts. (Seems weird, right?) Apparently Fidelity sends your severance paperwork via UPS to your home address. If you have a UPS account set up with notifications for them to let you know whenever a package is being shipped to you, you likely received an email today stating that Fidelity Investments is sending you an envelope weighing 1/2 pound, the package being shipped from North Carolina, where we have a large HR/Staffing presence. These weird delivery notifications coming from UPS were enough of a red flag for these folks I know to reach out to their bosses asking what it was all about. I guess, in order to clean up the mess that was in the works, these VPs deliverered the bad news earlier than was intended. Both of the folks I know were told not to report on Monday or Tuesday. Apparently they will be active until July 14th and getting paid until the end of July. Their severance will begin in August. Obviously they were told not to share with anyone else and both were told that other folks that are affected will be informed Tuesday. What a colossal mess! Good luck, folks!
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Get back to work you bunch of phone donkeys!
What no one knows is that they're determining who to layoff based on who hit reply all to that company wide email that broke the servers in 2015.
If this thing with UPS is true it's a major management blunder and someone should be held responsible for dropping the ball in such a major way.
If you get hit, stay strong and keep it classy as always... Walk out with your head held high!
You have skills, all of you - you will be okay. Leave on a good note and ask your manager if you can use them as a reference.
Regardless of what we have to put up with from upper management, it has been an honor and a privilege to work with many of you. Take care Fidelity brothers and sisters.
Fidelity has become a company that has increasingly shown that the customer facing employees do not matter to them. The instructions when even dealing with customers who have a lot of money with them is to deal with them as quickly as possible so that you can move onto the next. This is just so that's Fidelity can save money here and there and put away more in the pocket of the management. They run a call center just like any other company would hiring directors that I will watch over you every second of the day and make you feel bad even when you're on your break. After five years they will see that they made a mistake just like Comcast did with their customer service seeing that customers are leaving because they hate the way they are dealt with. In the meantime they're more than happy to lay off to cut corners and clean up their mistake of overcompensating/overhiring last year.
Management may very well have been told NOT to give input, but mine DID! I had NO intentions of taking the buyout. 3 kids in college, 1 in high school, you think I wanted to go looking for a new job at 55+? Thought I had a relatively secure position until my manager told me I should reconsider. No, I am not embellishing. My managers suggestion that I reconsider had me running for the door, and many of my coworkers as well.
It doesn't matter how late you sign up for ups my choice or just the app. You'll get the notification from UPS.
Management was specifically told NOT to give opinion to reps regarding the buyouts. In the brief on these, the instruction was to NOT sway someone towards or away the buyout. As with many of these comments, I think there is a great deal of embellishment taking place. Will there be a reduction in workforce? Probably. Will it be 6000 employees? Doubtful. If you speak to clients and are not terrible at your job, you will be fine. If your job is a redundancy due to DOL, you should worry if you are not performing well. Think G1/G2 and RSR/RRM as a redundancy that could require a reduction. Think BOM/SBOM as the same thing.
Hey guys, It's not all bad news! I initially rejected my buyout, but then my manager came back to me and strongly suggested I accept it. Just over 55, have been with the company over 20 years, a strong producer, with a very established client base. Guess what, I'm already employed! Fidelity's loss is someone else's gain. Stay positive folks, one door closes, another one opens!
All I ever heard was how terrible a company Goldman was because they would just fire the bottom 10%. Now, I hear they are doing the same thing at Fidelity. I feel sick every time I go to work. Even if I don't get laid off - and I probably won't because I am rated S right now and am customer facing and usually hit my stats - I am leaving. I just can't work for another wicked organization that brings more bad than good into the world. It's sickening to watch the way corporations are like the kings and we are the servants. Just waiting around for them to decide our fate. Yuck.
Layoffs are always done on Tuesday, at the beginning of the quarter for accounting reasons. It wasn't done last week because of the holiday. The layoff rumors have been out there ever since the voluntary buyout was announced. A layoff always follows a voluntary buyout. It s---s, but I think Fidelity had to wait until after the voluntary buy out to do the layoffs, so they would know who was left. Basically who is left so they know how to restructure. If you talk with customers, and you are not poorly rated, I wouldn't worry much. If you are middle management in HQ, you probably have some worrying to do. I wish Fidelity would be better at helping those that are let go. As example, those that lose their jobs that have decent ratings, Fidelity should be able to find them another spot in the company . Fidelity doesn't do that. Fidelity throws those laid off into the internal job market, and that process is always a nightmare, especially for more senior positions. Shouldn't be that way. It shouldn't take 3- 6 months, or longer for higher positions. Make a decision and fill quickly. God bless those let go on Tuesday. If you can't find something, hopefully CS or TD will pick you up.
Wonder if people can write some nice post it note affirmations to help those losing their jobs feel better! That would make for a nice write up
Had anyone actually received these extravagant UPS notifications?
Restructuring from 7 markets to 3, eliminating BSMs, having regional area managers cover multiple branches, basically copying the Schwab model are all likely to come. DOL has been used as an excuse to pay reps less, making it much harder to sell Tier 3 even though your job is on the line to do so. Odd that so much fat like MXD, ECM, and hoardes of middle management remain, but the cuts effect front line phone service and branches. Have to wonder WTF is going on up top.
Think the daughter is planning to sell, maybe go public. Schwab and Vanguard smell blood in the water and are poised to strike. Real shame, this company was poised to be the leader for a long time but putting cutthroat phone site guys to run the branches helped cause this demise.
6000 people sounds absurd. So I doubt that figure. Historically client facing phone roles never get touched, even in 2008. If it does, it's the "I" performers. Due to DOL I could see a change in RSR/RRM. Most other groups should feel fine as long as you're not an "I"
Don't blame DOL. Fidelity has a chicken-sh-- investment model where education had been substituted for advice. DOL protects the clients we were supposed to be protecting all along.
These layoffs s---, and I'm sure in out the door too.
I heard this rumor from a sales person a few weeks ago. Said that it's up to 6000 people... at the time I rushed the rumor of like most that start and die.
The only consistent thing in the rumors recebtly has been that it's a large group of people about 6000 people. Anyone hear anymore details on the numbers?
I wonder if HSA is on the chopping block. There have been huge changes the last few months. Dol has rendered us basically useless
what a mess for this to be so open and public. if upper management planned this and wanted to keep it a secret then they should be ashamed of their execution and owe everyone an apology. once it became so well known why wait until tuesday. most of my coworkers just want to talk about this so basically productivity is falling. i miss the days when i loved this company and felt so blessed with the awesome benefits and work atmosphere. maybe the lucky ones that get to come in wednesday will be able to get back to that
Speculating here but my guess is if layoffs occur that it would be support roles like OSG type roles and perhaps a significant cut to RSR/RRM. Cuts to inbound service roles and book roles wouldn't really make any sense.
If you took your computer home over the weekend check to to see if your out of office has been switched on. Dead giveaway.
"Confirmed and official: that previous post is rendered useless as a couple PI sites don't even have AT service."
Sorry, I worded that poorly. All sites have one or the other scheduled. Example: SLC has an AT Service class while COV has a HNW class.
That information is not rumor and it is not incorrect, those classes are already planned and announced.
Real talent has been leaving for many years. Not much left but empty shells serving a flawed investment model.
I agree. Some departments have been worrying about layoffs for 4-5 months. Management has done zero to help squash rumors. It's either they don't know or don't care. Every day for 4-5 months worrying about these rumors has been extremely difficult.
Confirmed and official: that previous post is rendered useless as a couple PI sites don't even have AT service.
It would be nice if someone with authority were following this and would just move "the day" up to Monday. Everyone knows at this point. Just get it over with so we know whether we're affected and those of us who still have jobs can get back to focusing on them.
Confirmed and official: every PI site has scheduled small classes for HNW Service and AT Service for 7/24. Directors have been told not to post for the classes or try to fill them.
Unconfirmed and unofficial: it can be speculated that these classes are for certain folks who will be effected on 7/11.
I tried to sign up but it doesn't show anything scheduled for this week. However it doesnt show past shipments I have had so I do not know if this means anything yet. But thank you for the updates
At least they can get free slurpees at 7-11!
Total speculation here, but the more costs you cut the better your profit margin looks and the more you can sell your company for. Anyone else think the company is being positioned to sell?
UPS My choice steps:
Sign up, go to Delivery Planner
It will list chronologically upcoming deliveries
(It should pick up deliveries planned before you signed up for My choice, because I have a personal package listed that i ordered yestetday)
Original poster here again... I agree. I wouldn't have believed this either. But I saw the UPS email that my coworker (who got laid off) received and spoke with him after the bad news was delivered to him. The VP who delivered the message confirmed that he and others had heard about these emails that were being sent from UPS so they were sharing the news only with those folks who they knew had received the email. (Presumably because it had been brought to their attention by these employees.) I have a couple coworkers who did sign up for UPS MyChoice after they had heard about this debacle but they hadn't received any notifications from UPS. So either they're safe, hence no email, or they won't receive it because they signed up too late. Your guess is as good as mine.
I do know some folks were taken aside today and told they were NOT impacted if they were going to be out of office next week. Certainly something will hit the fan on 7/11 but most in the know are threatened with being let go themselves if they get the word out early.
Has anyone newly signed up for UPS MyChoice since then and been able to see a package en route?
This sounds fascinating, how do we know this is not fake
What department were these people in?