I wasn't personally affected by the recent reimbursement-related firings, but seeing the perspective outside of the PR-friendly Wall Street journal articles has left a bad taste in my mouth. It's just so shady how Fidelity could fire employees and ruin careers over something like this. Layoffs are one thing, but firing like this is just not right. As a Fidelity customer, I'm going to move my assets over to Vanguard or Schwab, and at the very least get lower fees. I hope not all financial services companies are like this.
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Even I was fidelity client, i wont say product here but my friend’s froend got impacted and heard about the state their family was in. I moved my assets out fidelity and saved some K in fees too.
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The issue is, the policy was vague at best. A lot of good people are getting caught in it. Yes fraud is one thing but buying an item, returning it and getting the more expensive item, and getting fired over it is wrong.
Read through the treads next time beforehand you just toot the corporate line.
Trolls working on Saturdays now. Bet your not getting any OT.
I don’t understand the outrage on this. They are firing people who knowingly scammed the company. It’s blatantly unethical to collect a reimbursement for a product that you don’t receive or keep. Stop being crazy people - Fidelity has a reputation to protect and cannot have employees conducting fraud. First it’s a reimbursement program, what’s next? White collar crime always starts with something small.
Fidelity is not even the cheapest in terms of managing fees and and the returns don't even make them worth it. They did rake it in last year but it was all due to market upswing. Their was very little if any organic growth. The EVP of my unit explicitly said we need to do more with less. That pretty much screams layoffs. As they squeeze as much as they can from their workers..... down will go the quality. If this was their way of getting rid of people by standing in some moral high ground, then screw them.
I mean this site is one of the top results when you do a google search on the matter so it's pretty easy to find
makes sense that a retail customer would be on this site and commenting on this site? lol.
There are two classes of employees at Fidelity: the protected class, and then everbody else. It’s no secret internally who this protected class consists of. This #WithHunt is not targeting the protected class, just rank and file employees to thin the ranks. It’s disgustung!
The rules says you repay the money if you deemed to have received more than what you eligible for. Secondly why were some offered the opportunity to resign and others fired ? Could race, gender and status been a factor?
You can’t make up policy after the fact. Most of those fired took advantage of a loophole in the system. Others may have innocently returned items. Either way, both did nothing wrong based on the forms they submitted. You’re arguing ethics and morality. I’m saying fk that as Fidelity has me lie for them every day of the week. You can’t survive in ISR, RSR, PAS unless you’re a total bullst artist. Fidelity fired some of the best and brightest. They were the ones smart enough to figure out the loophole. In hindsight I’m glad I didn’t go down that path but, I can’t condemn those who did except of course the same receipt crew, they should have been arrested.
You can defend Fidelity all you want, believe me, I wish I could feel that same way right now, but let’s face it, all we are is A followed by six numbers. Nothing more and nothing less. We mean nothing.
There was a person at Fidelity years back that actually got caught forging a client's signature, and this person was permitted to resign without any disclosures because he was apart of the "protected class."
Many of these reimbursements were not "signed papers" (keep your facts straight), they were submitted electronically through a third party. These reimbursements took months to be direct deposited through payroll into an employee's account. It was not like they received a check and cashed it. Many let go were on variable comp and would not even notice these being direct deposited. Just to be clear.
Obviously you must be a corporate thug if you are siding with the company. The policy is vague, and Fidelity internal policies are shady as h*ll. As a corporate insider, I have seen them basically steal from their own employees to prevent disclosures with the IRS. Fidelity is no saint, so take your corporate BS line and go back to the corp office in Boston.
It should leave a moderate taste in your mouth. They should have caught this long ago. But they eventually did and they took care of it. Stealing is stealing. They took the money and signed papers in regards to the usage of the funds. If a person could lie about the insignificant funds, then what will they lie about next in regards to money. Ethics are extremely valuable in this particular industry.