If it were, profits would come from growth, not gutting the workforce. But leadership keeps taking the easy way out, cutting deeper every time. Eventually, there won’t be anyone left to cut. Then what? Do they even have a plan, or are they just hoping we won’t notice the collapse?
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Are we sure there really are profits? How bad did the fraud hurt the firm? Loss of accounts and lots of recent bad press and lawsuits.
Fidelity doesn’t have to report what’s really going on. I think the company is actually in financial distress and that’s why the cuts are happening.
Abby wanted to keep anyone who walks through the door to pi-s away her family’s money, that’s on her. I just don’t want to work with the freak shows that have no talent so I now have to work 3x as hard.
Not sure where OP is getting their numbers from. OI is up because revenue outpaced the growth of expenses and expenses most definitely went up.
There are a lot of complaints on here that are valid, claiming increases in profit are due to WF reductions is wildly misinformed.
There are so many fat and dead wood around that during a meeting this morning I identified more than half (all level 8 and above) are "leaders" of some sort. No people to cut? No worries.
Don’t kid yourself. Fidelity is making billions so firing a couple hundred people is not moving the needle one way or another. Fidelity is doing great and your pay makes no difference on the margins.
There are always people looking for work, so don't worry it won't collapse. Everyone is replaceable. Some are not easy to, but they can be.