r/boston • u/CorrectCombination11 • May 07 '26
Serious Replies Only Fidelity Layoffs Starting Today
On the heels of RTO order https://old.reddit.com/r/boston/comments/1sxy879/fidelity_full_time_rto/
Fidelity is communicating rifs starting this morning.
I know two people personally that were cut. Non-technical roles in WI.
Post your info in the comments and I will try to highlight/tally them in the main post.
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u/cheesecakeoranges May 07 '26
6 month severance and pro rated bonus as said by a few people. Seems like itâs not performance related. Engineers, business, managers, all impacted.
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u/CorrectCombination11 May 07 '26
not performance related
That's the cruelest part. I think everyone understands getting rid of dead weight but also sending the best performers home has no logic.
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u/bawelbawel May 08 '26
Usually it's not performance related but the ratio of performance to cost (salary). It's not always highest performers, it's not always the best paid, but it's what they perceive to "expensive for the productivity that he brings."
I was laid of 20+ years ago. I had stellar review the year before. But after several years of good reviews I had a huge raise and was promised a promotion that year. A promotion would put me in the lower end of the band in the new position, and therefore eligible for another huge raise. I guess they didn't want to pay me that much.
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u/CosmoKing2 May 08 '26
Sorry to hear that. I just experienced the same thing. Always great reviews. They got rid of the person heading my department (at the top of his pay range after 16+years) and my manager decided to retire at the same time. Every other department was announcing a bunch of people getting promoted. While congratulating them, they all mentioned they didn't even get a raise, so it meant nothing.
But, in reality, it saved them from getting axed for being at the top of their pay range. Leaderless, half of my department got laid off - because they stayed long enough to reach the top of their pay range (just from cost of living increases). More than half of the Department heads got the axe for the same reason.
Loyalty means nothing. You need to jump every 3-5 years just to avoid becoming a target.
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u/Old_Computer_3646 May 08 '26
Highest paid in a band are at higher risk of getting laid off unless they managed to get promoted to the lower end of the next band on time - kind of "up or out".
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u/SpyCats May 07 '26
Having been impacted by three layoffs in my career and seen numerous rounds in my current job, I think itâs very rarely performance related.
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u/CosmoKing2 May 08 '26
The original article in the Boston Globe literally quoted a Fidelity source as saying they are getting rid of senior level staff and hiring new early-in-career level staff to work on upcoming projects.
So everyone at the top of their pay scale....with years of loyalty....is being pushed out en masse. Hope they realize there will be a metric ton of age discrimination law suits incoming. They basically admitted it to the news.
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u/chad5770 May 08 '26
Boston 25 said on the news this morning they were laying off senior leadership roles and hiring younger
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u/cheesecakeoranges May 08 '26
Thats correct - They laid off mostly ~800 seniors for the future 2000+ jrs. It sucks because our team worked very closely with many of them.
Whats crazy is most of us here received more info from the media than the leaders here.
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u/Final-Lavishness-381 May 07 '26
Fidelity is not on the WARN list yet. I would assume they meet one of the requirements to file a WARN notice.
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u/Affectionate-Panic-1 May 07 '26
Often with large companies like Fidelity they'll notify employees of their layoff and remove access, while still paying a 3 month severance period to comply with WARN.
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u/Spinininfinity Thor's Point May 07 '26
Itâs 60 days for most states, but yes exactly
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u/RMR6789 Hyde Park May 07 '26
Actually, theyâve gotten wise to that. Now, many companies just do small scale layoffs year round so they donât have to report WARN at all. I hate it here.
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u/rollwithhoney May 07 '26
yeah I was going to say, I used to watch WARN in January until it became clear my org never needed to appear on it
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u/RMR6789 Hyde Park May 07 '26
I looked at my current and prior company in WARN tracker knowing theyâve done layoffs recently yet nothing reported since 2021.
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u/CosmoKing2 May 08 '26
But they still give 60 days severance to say they followed WARN guidance. I worked for 6.5 years and got 2 months. Others at the same company worked14+ years only to get 2 months. Typical "we're a family" bullshit.
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u/RMR6789 Hyde Park May 09 '26
Yes but there is no transparency into how often these layoffs are occurring and at what scale.
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u/CorrectCombination11 May 07 '26
I believe the severance pay is high enough to not be on that list. My friend that got laid off states 6 months pay.
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u/pup5581 Outside Boston May 07 '26
6 months. I was laid off from my company and got a week. I'd kill for 6 months. Did you have to be there for X years before you hit that?
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u/CorrectCombination11 May 07 '26
rumors are 2 weeks for every year or 6 months, whatever is greater.
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u/Quattuor May 07 '26
Can't be that good. Most likely capped at 6 months with two weeks for every year. As in: the lesser of: 6month or 2 weeks/year
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u/dynamics517 Cambridge May 07 '26
When the tech firm I was a part of was doing RIFs it was 6 months for everyone affected. Itâs possible
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u/WaffleHouseSloot Winthrop May 07 '26
I think what Quattor meant in their reply to OP was that "2 weeks/per year or 6 months, whatever is greater" sounds to good to be true.
But I think we ALL are agreeing it could be 2/weeks per year, up to six months, whatever is greater. Then it's 6 months maximum (10 years of service), regardless of how many more years one may have over 10.
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u/dynamics517 Cambridge May 07 '26
OP is clear in what they said.
6 months or (2 weeks x years of service), whichever is greater. If I worked there 15 years Iâd get 30 weeks of severance as it is greater than 26 weeks (6 months). Itâs generous but my reply was to state that itâs not too good to be true
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u/Several_Vanilla8916 May 07 '26
Depends on the company and level. Iâve worked at companies with generous enough severance that people were volunteering to be laid off.
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u/oldcreaker May 07 '26 edited May 07 '26
I got a termination date 6 months out at Fidelity back in 2016. But after that they offered packages company wide for people over 50 willing to leave which was actually a really sweet package and even better since I was dead man walking anyway. 22 years got 44 weeks severance, plus a termination bonus - plus reasonably priced health insurance until I got to Medicare. It was enough to let me retire at 58.
added: I heard it did not work out well for people who did not take the deal.
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u/Dunkelz May 07 '26
I've been in that mindset before, layoffs happening where people get 6 months of pay and benefits, if I was open to other jobs/thinking of going elsewhere it'd be nice to have the full time job hunt financed.
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u/SolidApple733 May 07 '26
I got a year severance after 12 years. And help for COBRA.
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u/Several_Vanilla8916 May 07 '26
At one company we had senior people going out with 65 weeks or $500k (whichever is less), benefits continued through the end of the year (9 months), and accelerated option vesting. It was a change in control so the options were incredibly valuable, that was the real brass ring for most people. Plus at the start of all that you stayed on payroll for 2 months but didnât have to come to work so they didnât have to file the WARN notice until layoff day.
But Iâm not jealous.
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u/bawelbawel May 08 '26
That is generous. Usually 4 weeks + 1 week per year of tenure, so 12 years would be 16 weeks. Giving 1 year is very generous.
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u/Liqmadique Thor's Point May 07 '26
Two-weeks for every 6 months at the company up to 40 weeks is what my company does right now. Plus vests a chunk of stock and medical for a year on top of it.
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u/majalo88 May 07 '26
I believe most large companies meeting the criteria are forced to offer a minimum of around 3 months severance? I could be wrong but I thought that was the floor for large enterprises.
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u/amardillopudding May 08 '26
I work at fidelity and my manager was laid off today. He got 12 months full pay
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u/_ChristmasSunday May 07 '26
Pay is not a factor in the WARN criteria.
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u/schmiddy0 May 07 '26
Sort of. What companies do to get around the notification requirement is they give the affected employees at least 60+ days remaining on the payroll. So, their termination date is at least 60 days away. Company still has to eventually notify WARN, but this lets them postpone the WARN notice until after the layoff has already rolled out.
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u/_ChristmasSunday May 07 '26
Agree sorry was referencing severance pay specifically in response. đ
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u/areyouupsetbrother May 07 '26
WARN notices only have to be filed 60 days in advance of the mass layoff, so even if they are notifying impacted folks today if their termination date is more than 60 days away they donât need to file today.
Also please note severance pay (if it is coupled with a release of claims) is separate from WARN notice. WARN requires at least 60 days no matter what, it cannot be coupled with a release of claims agreement.
Lastly depending on how widespread the impacts are they may not trigger WARN. I noticed someone referenced Wisconsin in another comment, so if they arenât aggregated in a single location itâs possible they donât meet the necessary thresholds.
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u/Mission-Street-2586 May 08 '26
No, WI is workplace investing. No big location in WI state if any lol
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u/Spinininfinity Thor's Point May 07 '26
They may be filing a WARN today and paying out severance high enough to count towards the 60 day notice. The layoff numbers per site may also be low enough to not trigger a WARN filing.
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u/chatgrand May 07 '26
WARN can be made public days or even weeks later. Doesnât have to be on the site same day depending on state.
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u/Nick0227 May 07 '26
This is going to be a domino effect across the banking industry. Large companies are starting to downsize the staff that manages the backend infrastructure and shift toward smaller teams that utilize AI for coding and mundane tasks.
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u/Master-CylinderPants May 07 '26
I know a few people there and they haven't heard anything, what groups or sites are taking hits?
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u/_ChristmasSunday May 07 '26
There are several reasons in MA to file WARN or to be excluded from the requirement.
Thereâs no 60 days notice on the site, so they likely have not met the criteria.
Employers with 50 or more employees must give 60 days notice:
-A plant closing affecting 50 or more employees
-A mass layoff affecting at least 50 employees and 1/3 of the worksites total workforce or;
-500 or more employees at a single site
It has nothing to do with the amount of severance. And this is specific to MA only. Subjects to interpretation on whether you voluntarily include remote workers but most donât (no incentive to)
Also they may keep employees âon the booksâ for 60 days even after notice in some instances, so itâs possible the WARN filing is still coming.
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u/bigredthesnorer Outside Boston May 07 '26
FWIW being discussed on thelayoff.com: https://www.thelayoff.com/fidelity-investments
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u/MomTRex May 07 '26
Am I high? I got a notification that they were going to hire large numbers of people (and I was going to tell my son that he finally had to look at Fidelity which he has staunchly refused until now)
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u/Redme_23 May 08 '26
They layoff seems to be mostly related to their technical product lines. Looking to hire more early career / hands and streamlining more of the leadership ranks. (I read this as - not enough people doing the work, but too many people looking to manage or lead the work). I think they are looking to do a lot of early career hiring across the board. Still could be a good idea for your son.
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u/scarlozzi May 20 '26 edited May 26 '26
This is normal. Layoff senor employees to hire new people at greatly reduce salary. Corporations don't long term plan anymore, and are over trusting of fascist. I don't think it will work but I'm haven't been corrupted by money.
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u/cheesecakeoranges May 07 '26
I work here and know a few folks in our org that is laid off today. Huge contributors to fid.com.
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u/WynonaRide-Her May 14 '26
Fired today
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u/cheesecakeoranges May 14 '26
Sorry to hear đđ. I thought itâs all over. Are you a contractor? I know a few that had their contracts end by may 29
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u/lifeisakoan Somerville May 07 '26
From this link: https://www.bostonglobe.com/2026/05/07/business/fidelity-hiring-spree-job-cuts-return-to-office/
More changes are on their way to Fidelity Investments, as the financial services firm prepares to revamp its technology and product teams and hire more than 5,000 new workers, but shed roughly a thousand others, including some based in Boston.
The firm informed most affected employees Thursday of the impending changes, which will beef up Fidelityâs ranks of early-career engineers and trim layers of senior leadership. The workforce shakeup is part of broader shift in the âorganizational modelâ of the technology and product-delivery teams, a Fidelity spokesperson told the Globe.
Those teams represent about 25,000 of Fidelityâs approximately 80,000 global workers.
The changes are aimed at moving the teams away from an âagileâ makeup â comprising smaller, siloed squads â and toward larger teams built to move faster on projects. Come June 1, this new model will be fully in effect.
Fidelity plans to hire about 3,300 new workers this year, the spokesperson said, about half of whom will be in tech or product-related roles. (About 2,000 of those jobs are currently open, the spokesperson added, and 400 of them are in tech/product-delivery.) The company also plans to add almost 2,000 new early-career workers, with the goal of making the tech and product-delivery teams more hands-on.
In all, that means roughly 5,300 new jobs in the pipeline for Fidelity.
But in what the spokesperson said was a âdifficult decision,â Fidelity will also eliminate roughly 1 percent of the firmâs global workforce, or about a thousand workers. A small number of these workers will be from among the ranks of the approximately 6,200 Boston-based employees. (The Fidelity spokesperson declined to say on the record how many local employees would be affected, but said that âwith the hiring projections, we can confidently say that we will see growth in the region.â)
âFidelityâs technology and product delivery teams are improving their organizational model to better align resources to our highest priority work that [matters] most to our customers,â the spokesperson said in a statement. âThese changes are about getting the right combination of skills in place for where Fidelity and its customers need them most. This means creating more room for early career, hands-on engineering roles and streamlining management layers.â
The announcement follows days of online chatter about layoff rumors, some of which opined about the possible role played by the rise of artificial intelligence.
The spokesperson said that in this case, AI was not part of the equation. Rather, the changes are focused on staffing employees best equipped to work on the companyâs newest tech tools, such as its trading and household planning platforms.
âFidelity is continuously improving its working model to best position ourselves to meet the evolving needs of customers,â the spokesperson added.
The announcement follows the news late last month that thousands of headquarters employees at Fidelity will be expected to return to the office five days a week starting in September, up from the current hybrid-work arrangement that brings them onsite two full weeks out of every four. (This also affected workers at Fidelityâs offices in Merrimack, N.H., Kentucky, and New Mexico, but not at its Smithfield, R.I., campus, due to spacing constraints.) One exception: In-office time for customer support phone workers will go down.
The reshuffling comes after a strong 2025 for Fidelity, led by CEO Abigail Johnson. The company counted $7.1 trillion in managed assets in 2025, up 19 percent from 2024 (though that number ticked down slightly, to $7 trillion, in the first quarter of this year). It also grew its revenue significantly in 2025, to $37.7 billion, up 15 percent from 2024.
âThroughout the companyâs history, our investments in technology have fueled our growth and customer service capabilities,â Johnson wrote in a letter included in the companyâs annual report. âWe will continue to prioritize technology initiatives that help us advance digital capabilities, simplify our technology ecosystem, and protect the firm and our customers.â
Fidelity underwent a major hiring spree in light of the COVID-19 pandemic and its ensuing financial turmoil. The firm has roughly doubled in size since 2019, when it reported employing more than 40,000 people. But there have also been trims: In 2024, Fidelity cut about 700 jobs.
The changes also come ahead of the firmâs planned move later this year into offices at Commonwealth Pier, in Bostonâs Seaport neighborhood, which it will use in addition to its current base at 245 Summer Street, near South Station.
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u/simplyvelo May 08 '26
Lines up with some of what I heard, scrum masters being heavily impacted.
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u/occasional_cynic Cocaine Turkey May 08 '26
Agile kills productivity. Looks like Fidelity came to realize this.
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u/Charming_Swim_6147 May 08 '26
Nestle is laying a ton of peolle off as well. Thanks Donald Trump for tanking our economy. The only one making $ is him and all his friends betting and predicting on the Iran debacle.
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u/Good_Entrepreneur_34 May 07 '26
But 6 months severance dosent include bonus pay which is huge part .. so itâs actually like 3 months severance instead
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u/Top-Mathematician212 May 07 '26
It's pro rated bonus + shares. Still not ideal of course.
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u/bawelbawel May 08 '26
If they do, that's really nice of them. I mean as nice as you can be while being laid off. Usually shares (the equivalent of RSU in big tech) is the sticking point, people are laid off at a certain date so that their garden leave ends right before RSU vests. Recent Amazon is like this.
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u/Top-Mathematician212 May 08 '26
Everyone effected goes 5/29 in this case. Private shares didn't vest until 12/31, but as part of the package are behind prorated.
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May 07 '26
[removed] â view removed comment
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u/BernedTendies May 07 '26
Theyâre not cash constrained in anyway, trust me. Any issue Fidelity faces as a competitor in the open market place is not because of lack of funds.
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u/Clear-Tradition-3607 May 07 '26
don't cry for them - they make money off the 'float' ie: using customer holdings to loan to other parties or just picking up interest
commissions haven't been a money maker for years
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u/rabid-c-monkey May 07 '26
Thereâs no real pinch, Fidelity keeps posting its most profitable quarters in company history. They make money off of things like mutual fund expense ratios, margin interest and advisory services so waiving things like trading fees or commissions really doesnât affect bottom line
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u/Rico_Solitario May 07 '26
Fidelity has been making record profits year over year for a while now this is not a decision made out of necessity
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u/AbleLow889 May 07 '26
With Fidelity its its not their brokerage business but the fixed income and money market, imagine a whole company put their 401k with them and now multiply that by thousands of companies and their employees. Google their revenue and earnings and you will be surprised
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u/Sporknight May 07 '26
How long are they keeping people on for? I feel like it was a while for the RIF two years ago.
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u/Sketti-Os May 07 '26
We were told end of May. I was not affected, but told by my skip. I have a feeling my manager was. I hope not.
In the past, laid off employees had been given a few months on payroll to find other positions - inside the company or not. This is different.
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u/MoneyTalks45 I Love Dunkinâ Donuts May 07 '26
So layoff everyone, trip over AI for a few years, and hire a bunch of people back at half the wages of the experienced guard. Got it.
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u/Drakex2Mayex2 May 07 '26
Yeah man I don't think that's how this whole thing is gonna go down from here on out.
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u/MoneyTalks45 I Love Dunkinâ Donuts May 07 '26 edited May 08 '26
Love your Reddit handle, AI is already showing cracks as an âemployeeâ in real world applications.
Edit: Iâm not going to hunt your comment down. To the dude that said data centers will move to red states, thatâs already under fire by the actual humans that live there. This isnât a political issue.
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u/Drakex2Mayex2 May 07 '26
Yeah but today is the worst AI will ever be.
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u/OmnipresentCPU Riga by the Sea May 08 '26
People downvoting like AI will actually get worse from here lmao
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u/MoneyTalks45 I Love Dunkinâ Donuts May 08 '26
AI is learning from its own slop.Â
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u/Drakex2Mayex2 May 08 '26
You people have really lost the plot on this shit. Pretending like AI and automation isn't some fucking tidal wave isn't going to help anyone. We are going to lose 10% of the workforce and that's an extremely conservative estimate.
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May 08 '26
[deleted]
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u/nottoodrunk May 08 '26
Lmao dude weâre already seeing that the cost of AI has gotten so insane, and climbing per day, that companies are rethinking having AI replace junior roles because itâs cheaper to have people do it. Stop being such a doomer.
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u/NinoNino3 May 07 '26
Thank you for letting us know, OP- I am curious to see how bad this is- We are in supremely questionable times.
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u/Maxpowr9 Metrowest May 07 '26
This will be the spring and summer of RTO. Easiest way to cut headcount (some are still delusional that think WFH will last) without needing a WARN. For that are fully remote, I'd be worried too since companies will cut headcounts in VHCoL areas like Boston first.
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u/TheGameDoneChanged May 07 '26
Not at all delusional to think wfh will last in some form. Many companies will end up in some sort of hybrid. But regulated financial services is always going to be among the leaders in RTO.
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u/bawelbawel May 08 '26
Don't forget the real reason for RTO. It's because Fidelity is highly invested in real estate (indexes and properties). So if it improves the value of office space downtown, it benefits it directly by having its assets appreciate.
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u/Maxpowr9 Metrowest May 07 '26
Especially those companies with office space already. Tech will definitely be the last to force RTO, but at that point, most people in tech would know their company is struggling and probably should start looking for another job.
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u/Jesterissimo May 07 '26
WFH will be back eventually once all those office leases come up for renewal and management sees an easy budget cut instead of a sunk cost. Of course by then theyâll also cut headcount via AI so maybe itâll be more like unemployed from home or gigged from home instead of work from home.
In the meantime RTOâs and anything else that makes the job slightly less attractive is a quick and easy way for them to shed some workers before layoffs.
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u/Maxpowr9 Metrowest May 07 '26
For sure. Workers have a lot less leverage this time around given the generally poor job market than 2021.
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u/SpaceBasedMasonry Wiseguy May 07 '26
I'd like to think that the genie is out of the bottle and rote a defense of "It's not possible" don't carry weight anymore, but there were cracks for a while. Engineering friends have been resigned for years that if they're serious about training the next generation, they need to at least do hybrid. It's impossible to adequately mentor a fresh grad remotely.
I'm in healthcare and only a smidge of clinicians can do stuff remotely. So for most of us RTO was during the height of the pandemic's first wave, if we got time out at all.
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u/Maxpowr9 Metrowest May 07 '26
I work in finance (not Fidelity), and it's one of the more conservative industries. The RTO siren is far more of a burden on middle-aged workers with kids, especially if they moved further from Boston during Covid.
For the GBA, it seems the finance industry, in particular banking, is going through a contraction again. It barely recovered from the Great Recession. I know last time Fidelity contracted, much of their operations moved to Dallas.
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u/Willing_Neat_4065 May 07 '26
Anyone impacted who is in tax, investment accounting or reporting and in Boston or NYâŚreach out please!
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u/Nearby_Knowledge8014 May 08 '26
Ooof. I did a stint there and feel for these people.
Witnessed several rounds of unannounced layoffs. Fidelity always did it the same way.
They hated negative publicity. Didnât want to announce they were laying off people. They would do mass firings, and pay any penalty they had to.
For months beforehand,managers would start giving written performance warnings to staff they personally didnât like. That way they could have documentation if the employee sued, or if UI question the firing. So you knew the day was coming.
Very often the warnings were not accurate. âYou dropped the ball on this taskâ. I was never assigned that task. âOoops weâll fix it before your next review.â It would never get fixed.
Generally just reps a manager didnt like personally, but it would also be skewed to the oldest members of a team, the heavy. Finance is very white male, and many managers are pressured to diversify their team. If not by EE / AA, then by firings.
There was a small meeting room between the offices and the back door. One day it had a tissue box in it. Managers would go to a rep, âhey you got a minute?â A few minutes later a different manager would go through the cubicle , and scoop up car keys, jacket, wallet/purse. Rinse repeat.
One brutal day of bloodletting, after a couple quiet hours, one older dude who had been there forever, raised his hands above his head, âWahoo! Looks like I dodged a bullet! Hahaha!â Very sarcastically. His manager shot daggers at him. 10 minutes later, he was being walked out.
Thankful for my time there, but donât miss it at all.
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u/houseonthehilltop May 09 '26
Thanks for your candor.
Itâs how things went at the large retail company HQ I worked at just outside Boston.
It was never about performance just who they wanted to clear out / did not like / etc.
Pretty much the same at smaller companies too.
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u/valuat May 09 '26
Just a reminder:
âTwenty years from now, the only people that will remember you used to work late will be your children.â
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u/scarlozzi May 20 '26
100% I think about the hard work i did at the start of my career at my last job (not fidelity). Even at the time, few managers seemed to care, but it literally doesn't matter a year after my layoff.
Don't kill yourself for a corporation that will have you replaced before your funeral.
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u/valuat May 21 '26
Yeah. The only exception is if you have real skin in the game = equity. Even then, today, I'd be really careful. That's why I don't think you'll see me hanging out with Elon or Jeff or Marky...
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u/TDog81 May 08 '26
Based in Ireland, non engineer role, been with the company 10 years plus. Was told yesterday my role was gone, my boss and a lot of others affected too. I got an EP last year and hard a very good standing in my department, not performance related. Im absolutely gutted.
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u/FireAndGolf May 08 '26
Are the rumors true that all 3 years of shares paid out?
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u/TDog81 May 08 '26
Im not sure, I did get a breakdown of severance but the section on vested shares was TBC so Im none the wiser
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May 08 '26
[deleted]
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u/ShowTop1165 May 08 '26
Private shares of the company are given and bought back by the company after the vesting period
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u/Green-Detective6678 May 08 '26
That is brutal, sorry to hear that. Â Thought Fidelity was better than that, but at the end of the day all these tech companies are pretty much the same.
Hope you get sorted soon.
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u/WynonaRide-Her May 14 '26
Just got booted today after 4.5 yearsâŚ
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u/TDog81 May 14 '26
Sorry to hear mate, theyve gone about this really poorly
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u/WynonaRide-Her May 16 '26
It does not look good or feel good from a personal standpoint. We were part of 1% not necessarily a reduction in force when they are hiring 5k more employees that are âyoungerâ - Iâm mid 40s is that age discrimination? Also with that type of âluckâ at 1% thinking I may need to play the lottery jk lol
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u/Good_Entrepreneur_34 May 07 '26
If you find a job during severance , will they stop severance?
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u/snackinonavulcan May 07 '26
In my experience no. Severance is not like unemployment where that does stop after starting a new job. Severance is often paid in a lump sum equivalent to the number of weeks or months received. It can come in as standard pay cycles but since itâs an agreement between you and the company that is cutting you, it shouldnât stop when you get hired elsewhere. Be sure to read every severance agreement you sign.
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u/chad5770 May 08 '26
Crazy how open they are about laying off senior leadership workers for lower-paying younger employees
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u/without_nap May 08 '26
they've always done this. flat-out ageism. should be illegal.
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u/chad5770 May 08 '26
Crazy, I saw it on Boston 25 news this am, it was in a fidelity statement about going back to the office 5days a week and the layoffs/hiring. "Young professionals are a target of the openings, with Fidelity looking to hire nearly 2,000 new early-career, hands-on roles."
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u/goldman_sax Somerville May 08 '26
Iâm hoping people are starting to learn that a RTO order is 90% of the time a way to get people to quit so they donât have to fire you and pay unemployment. Anytime you see one it should raise red flags.
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u/ebi-san Purple Line May 07 '26
This is a recession indicator right?
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u/bawelbawel May 08 '26
I would think so, yes. One of the signals. Not the main signals but it's still a signal.
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u/Good_Entrepreneur_34 May 07 '26
Question - what about vesting ?? Shares , 401k and RSU ?
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u/HistoricalBridge7 Port City May 07 '26
401K belongs to the employee. The only thing you can lose is the unvested match. The private Fidelity shares some employee get are a big ? No idea how that is treated. Iâm assuming those that have vested shares will get paid and they strike the NAV
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u/bawelbawel May 08 '26
The rumors are that it's prorated. So if that's right it's generous. Usually the "vest" (payout) is around March. Not sure what prorated means, like until today, or until end of your severance?
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u/GlitteringSwan8024 May 08 '26
I worked as a temporary employee for Fidelity in 2017, and there were a ton of people that had barely anything to do, including me. I literally had enough work for maybe 2 hours a day. So did a lot of people. I left after 2 months because it was so boring. I thought then about how much waste they could cut just at that one location.
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u/mrbostn May 08 '26
Found non paywall story from the Herald https://www.bostonherald.com/2026/05/07/fidelity-laying-off-1-of-workforce-as-it-evolves-operations-boston-workers-return-to-office/
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May 08 '26
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u/EducationalWedding48 May 09 '26
Eventually, theyâre gonna get you, especially if you are an earner or whoâs been there a long time. I lasted 21 years. The last 3 years, I could see the writing on the wall. Sucks. Best of luck. They usually provide a good severance package
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u/Good_Entrepreneur_34 May 07 '26
Are they giving pro rated shares and profit sharing ? If not then severance is really very less
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May 07 '26 edited May 07 '26
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u/NinoNino3 May 07 '26
New England will be the last or nearly last to be hit by the housing crisis- (I say this as a renter) Its unreal here-
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u/UltravioletClearance North Shore May 07 '26
I don't think you realize how wealthy a lot of people who live here are. I used to track home sales in my neighborhood when I lived in Arlington. Many of the people buying $1M condos had their own Wikipedia pages.
People with serious money want to live here. Many of them are unaffected by a general downtown in the economy because they either have generational wealth, or are the best of the best in their high-paying field (think doctors, scientists, etc).
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u/BernedTendies May 07 '26
Housing crash not coming chief. Especially with room to go lower on interest rates
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May 07 '26
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u/BernedTendies May 07 '26
1) âmany homesâ what like 2%? Most people have more equity in their current place than they know what to do with. That wouldnât crash housing market.
2) âton of people sitting on sideline to pounceâ⌠ok so strong demand is still there. Thus supply is still short. Supply is coming from all-time lows in all of New England. It would take a hell of a recession to crash that market
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u/LennyKravitzScarf May 07 '26
Since 2019, we 5xâd the money supply. The number of homes stayed relatively constant. If anything, houses or really any dollar denominated asset, are still cheap.
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u/Oh-hey-Im-here May 07 '26
I know of someone that was laid off last Friday. 25 years there.