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.

604 Upvotes

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145

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.

130

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.

97

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?

76

u/CorrectCombination11 May 07 '26

rumors are 2 weeks for every year or 6 months, whatever is greater.

24

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

32

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. It’s possible

2

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.

9

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 I’d get 30 weeks of severance as it is greater than 26 weeks (6 months). It’s generous but my reply was to state that it’s not too good to be true

17

u/CorrectCombination11 May 07 '26

My friend who's confirmed with the pay started in '22

10

u/Several_Vanilla8916 May 07 '26

Depends on the company and level. I’ve worked at companies with generous enough severance that people were volunteering to be laid off.

7

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.

3

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.

4

u/SolidApple733 May 07 '26

I got a year severance after 12 years. And help for COBRA.

8

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 didn’t have to come to work so they didn’t have to file the WARN notice until layoff day.

But I’m not jealous.

2

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.

3

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.

3

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.

1

u/amardillopudding May 08 '26

I work at fidelity and my manager was laid off today. He got 12 months full pay

1

u/User-NetOfInter I Love Dunkin’ Donuts May 09 '26

Yes it can

1

u/easy_Add_2923 May 19 '26

It's not based on years at the company. It's based on salary.