Fidelity to cut ~4k workforce over the course of next two quarters.
Majority of these will be up to level 6 and 7 individual contributors.
First round of cuts will be announced end of Q3
And next beginning of Q4 to report another year of "record profits".
Remote roles will not be back.
I'm actually heartened to see that I'm not the only one frustrated with the multiple layers upon layers of 'leadership' at Fidelity.
I recently was told to lead an effort to repair data. It was me and one other EE 'in charge' of repairing the data. Problem is... We had to always run everything by 3 VPs and several directors. They managed to basically ki-l the effort because it "wouldn't fix everything." We weren't trying to 'fix everything.' We were trying to fix a handful of things that were broken and creating an ongoing mess for so many people.
To show how important and insightful they are, they manage to talk amongst themselves and ki-l everything useful. It's very discouraging.
If the next round of layoffs don't cull the thick "leadership" ranks of VPs and directors, and just targets worker bees per usual, then it will become truly much more difficult a place to work and get anything done.
this, @11n. As a senior level engineer it's my keen interests to hone my leadership skills, both technical or cross-functional. But whenever I tried to stand up, I step on one of these designated leader's toes. "Great idea to architecture the solution, let me draw the C4 diagram" our architect would say for my architectural idea. "Yes, I'll schedule a meeting with X-X team and get their inputs" out scrum master would say for my cross-functional initiative... I wonder why upper management treat us like babies. Get rid of these baby sitters and let us do the damn work!
Let me count the "leaders" we got for our seven person team:
That's five leaders for a seven person team! Fidelity truly is resourceful! In reality, we hardly need any more leadership with our strong engineering leader. Other teams might differ, but the 5 : 7 leadership : engineer ratio is outrageous.
Get rid of the effing architects.
OP's "majority will ... up to level 6 and 7 individual contributors" is peculiar as the first cuts in March in my area are L9 and L8's. However slow or bad, we the lowly ICs at least are contributing to Fidelity's code base. What are the L8s and above contributing?
@kg congrats, do you want a FLIK cookie?
Anyone who has been at the firm any length of time has been in or around layoffs.
My whole department can’t be cut. I was in a department that was before, and I was impacted but came back to the firm.
A 5% cut is not worth me losing sleep over. I am in a business critical role, but I also see my peers. I’m significantly more qualified than them.
@dd probably is in a critical role as I'm in right now. But I'm not as confident as her/him to come out unscathed of a layoff. She/he's probably too young to experience real layoffs. To avoid legal scrutiny, the names is drew by external consultants with a "formula". Good performance and criticality of your role might not out weight other factors in the formula.
It might be a struggle in this market but I'll find a new job. Those middle management of Fidelity who's been coasting for decades? Not a chance. So, I'm with @dd, let the layoffs come!
@dd be careful what you wish for
@e8, are you assuming the 5% is cut evenly across the company? What if the whole org in certain areas is cut? Can't you see the duplications across the BUs?
That’s what, 5% of the staff. Not worried about it.
I believe this, I am a level 7 associate and recently our organization moved under masciliano.
Ever since then, there has been constant push for colocation, RTO mandate etc.
We have already lost a dozen teammates due to silent layoffs.
@dd, allow me to improve on your great slogans for the upcoming rounds of layoffs: (1) The Great Flattening, (2) 2025 The Year of De-Dup and (3) 2025 The Year of Waste Whacking.
As to Abby, my msg is: Man up, Abby. Just do it! Do it for the remaining 95%! Do it for Fidelity's millions of customers!
provide a source and just maybe you will be believed
Let's hope the next rounds of layoffs can be dubbed as:
Come on Abby, you can do it!
@bn, or DESKs... WILL... BE... EMPTIED...
The only reason I'm still with Fidelity, putting up with my clueless L8 boss(es), is the current job market. I'm willing to take a pay cut to work with a competent boss.
The architects, GCL and GSL's around me contribute not much but putting up red tapes. I now actively telling our customers: we can't do 1 because A said so, go talk to B if you want an exception to 2...
...
If the next round of layoffs don't thin the herd of level 8 employees who are just sticking around because they wanted a VBO that never happened... DESKS WILL FLIP!
I tell you... DESKS.... WILL.... FLIP....
Well of course any layoff would have level 6 or 7 because that’s the majority of the company.
Not enough info to be credible.
Dream bigger! The first round will focus on > L8 middle management, followed by the second round which focus on <= L7.
Isn't my confirmed wishful thinking better?
Confirmed by which source? Don't scare people here. Let's have a wonderful summer.
Most 6-7 have direct reports. Are they going to increase span of control or are these more tech jobs? Are there more tech jobs to cut?
You make it sound like remote roles will be cut with this initiative, but remote roles are already being removed via forced relocation this past month. Which makes it sound to me like you are making this up.
I call BS. Confirmed by who? Stop spreading cr-p like this.