Thread regarding Fidelity Investments layoffs

@j8 Oh well if she said it, it must true...

I agree - she has said that they would never go public. Also from a status perspective they would never sell the company. There is at least 1 heir and even if she’s not business minded she will have help just like Abby did. Can’t possibly do any worse to morale

AJ will never take the company public - she has said as much several times in interviews (she makes more as private than she and family office would as public)

They are buying too many businesses to be looking to sell anything at this time.

This comes up are more a scare tactic by those that are unhappy about the company.

Fidelity perfect but it is a lot better than the other fintechs.

I could honestly care less. This place has lost its luster. As someone who would take a buyout TOMORROW, i treat every day like it could be my last. The sea of yes-men and corporate B.S. has become too much to deal with for any sustainable time period.

@bz You don’t know how business or money works.

@bz "more money long term", sure, but nobody is on deck to step in for Abby as she was for Ned, and Ned for Ed. Also, "more money" is totally relative. Even with selling or going public, massive generational wealth has been established and nobody who comes from the family line will ever run out.

@aa is the same person replying to the same thread? They stand to make more money long term as a private company. I do agree that they will do leveling and get rid of VPs and SVPs as well as their old tactics of collocation to reduce headcount. I would love if I am proven wrong though because it would be crazy if they sold. I wonder what would happen with outstanding shares. They would probably get rid of them or pay them out sooner. But highly unlikely that they will go public

if it goes public, get ready for more layoffs. We're too fat right now.

@bt Thread continued. It'll all be one big exit strategy for the Johnson's to turn Fidelity into a assets no longer requiring active family management of a business.

@bq That's only half the picture here. A lean lower headcount organization still making the huge profits will be ripe for a massive IPO.

I think Abby has realised that the COVID era expansion, and poorly executed agile transformation has created a flabby bloated organisation full of self serving middle managers. After RTO cuts the first slice of fat we'll see another re-org for physical colocation of teams and a lot of L7/L8 people being re-levelled down or transitioned out by HR.

how will this effect boston dev ops? is it true there is a WFH exception ???

100% agree that the company will either get sold in parts soon (most likely outcome) -- or they will go public (if can't sell). That explains some of the recent decisions being made and rumors about creating new business units for emerging areas that is decoupled with rest of the orgs.

Third Generation Curse

It would definitely make sense to take it public.

The family would make many tens if not hundreds of billions of dollars.

I don’t know why anyone with even a single brain cell would think it would be likely that they would sell the company. There is one successor. The family makes more money by owning the company.