I would love to hear a valid explanation behind the need for layoffs. If you survived today, do you trust Fidelity?
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I didn't take the VBO because I can't afford to retire at 55 and the buyout offered wasn't worth it. At my age getting laid off isn't a good deal even with cash. I don't know about the other rounds of layoffs that happened after the VBO what sort of compensation they were offered.
The problem with Fidelity is that it bloats itself over the years and then cuts core job functions trying to fix the bloat, which leads to downstream chaos. It really should use the last in first out method because the people added since the last round of layoffs aren't probably in a core job function.
When you loose senior people with decades of experiences you have system that break. Laying off a newbie phone rep might make call volume wait times go up slightly, but when a critical system app fails because of a experienced support staff being let go really drives up call volumes of angry customers asking why can't they do this or that.
Cutting older workers with experience might look like cost savings because of higher benefits cost, but they have earned those benefits and experience can't be easily replaced.
PAS is a good money maker for the company, not the investor. take a look at the mutual funds for 10 or 20 + years. on average, they are lagging the S&P by a significant margin. A random pick of any active mutual funds or PAS account would have left the average investor quite upset with the performance over a simple index fund approach. I think the industry and investors are waking up to that fact. Unfortunately that spells doom for the bottom rung of the employees at the company. Just my take.
Any word on how people were selected? Jax seemed like a blood bath!
Expenses are going up as much as revenue and profit margins are getting squeezed. It's not a good recipe. So the driver behind the cost cutting is to get the company aligned. Fidelity is doing well because the market is doing well and fed increasing interest rates, not cause the company is simply winning. As much a today s---ed, that's why layoffs today happened. And it was more than a few hundred PI associates.
WI will have their layoffs in October
Been there 5 years. Don't trust the company, managers, directors, VPs, and CEO further than I could throw them. There is definitely a reason why the annual survey has not been given. I just want to work, earn a fair compensation, help people, and go home. I don't want to have to constantly worry about not being able to do that. I don't want to use the food trucks, video games, fit cards, or any other crazy bs some pocket pushing nerd thinks helps the employee experience.
Yet, it all happened while we post record profits.
It's puzzling...
I think they are getting ready to sell the company, so mark my words here: an acquisition is in the stars!
Focus on doing the best job you can do - that's in your control....layoffs happen at every company , it's just become a normal part of corporate America. I have worked at other financial firms and i appreciate the longevity of many at this firm and spent many years at one firm, as well that i thought i would retire with, but business is business and we can't always control some decisions that dont make sense. I'm happy that I made vesting, but have learned over many years of working in corporate to never get comfortable. Diversify experience and expand skill set, focus on you and being the best at what you do, no one else is going to look out for you, but you. October will come and go , but nothing is guaranteed, always be prepared for plan b.
Economy is good. Company is doing great. Only possibility is they're prepping for a downturn in the economy. In this environment one can't trust anything that is being said. Have to wait and see the actions speak as we've seen a few hundred layoffs today versus the rumored 7000, 8000, etc.
It's VERY difficult to work in this environment and is emotionally challenging as one feels like they're working under a massive cloud of possible layoffs. It's done now. It's over. We have closure and can move on. Rumors of October having another layoff this soon... the same day as a real layoff, are completely false... well, at least NOT impacting the same groups as today.