Thread regarding Fidelity Investments layoffs

Managers should be the first laid off. They are the ones that sunk the ship.

The layoff with 700 employees happened last year.

Honestly that should happen. Management has said multiple times that top performers have dropped to average because they saw how the inclusivity hires preform. They overhired during the pandemic and it’s still hurting the bottom line and high achievers were treated unfairly, thus causing them now to rebuild their brand.

Fidelity has always been a place where the threat of a layoff is constant. It's been this way for 20 years or more. The amount of hiring that the firm has done since the last vbo in 2021 after covid was crazy. Now the chickens have come to roost. But make no mistake-the RTO policies and the non compliance of those policies have been and will be used to cut heads. Any excuse they can use to not pay a severance or vbo payout will benefit them

Layoffs are always performance vs salary. If you are low performer in high salary range , you will definitely be out. But if you are lower performer in lower salary range, you might stay until next one. Layoffs are ALWAYS about money. Work will be done with or without you.

@ad+1jj33m69e that's not true. i know for a fact that the previous layoff round had a completely intentional disregard for performance, role level, etc.

It was a cross-section RIF. Truly low performers may have seen a higher percentage, but there just weren't enough of those low performers to cover the layoffs needed. your manager has no idea how layoffs are chosen and is giving you false peace of mind.

There have been layoff rumors since the last layoff. Fear of layoffs is company culture now.

If there’s a layoff, of course it would be performance based.

Why would you lay off your top performers?

If a company needs to reduce headcount, obviously it makes sense to let your weakest performers go.

My boss told me last week that’s the way Fidelity figures out who to cut: if you’re on a plan or otherwise labeled as a low performer, you’re at risk.

Which just makes sense.

@a2+1jj33m69e a presidents preference for inclusivity doesn't impact private companies. So it wouldn't be a driving reason for layoffs

It makes sense there would be layoffs. There’s been bad press lately and we have weak management recently. We have a new president that doesn’t care as much about hiring for an inclusivity quota.