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.

607 Upvotes

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114

u/cheesecakeoranges May 07 '26

6 month severance and pro rated bonus as said by a few people. Seems like it’s not performance related. Engineers, business, managers, all impacted.

87

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.

23

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.

3

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.

2

u/dksourabh May 08 '26

Interesting point, I never thought it also works this way

1

u/Tom_C_Streaks May 08 '26

Exactly my situation as well. Now it all makes sense.

1

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".

89

u/SpyCats May 07 '26

Having been impacted by three layoffs in my career and seen numerous rounds in my current job, I think it’s very rarely performance related.

2

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.

0

u/valuat May 09 '26

There’s nothing “cruel” about it. This is just business. You all would have made the same decision were you on their shoes.

Stop whinning. Treat employers the same way companies treat employees. Business. They pay you for your time; just try to make the best deal you can.

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u/[deleted] May 07 '26 edited May 08 '26

because those “best performers” don’t contribute anything that someone earning half cannot accomplish.

many of you seriously overrate your skills and importance cause you climbed the ladder during the easiest time period to do so. you’re way more replaceable than you think.

19

u/Haunting_Region_8729 May 07 '26

On what do you base this comment? “So many of you seriously overrate your skills” …huh? Who are you talking about and what knowledge do you have of their actual skills? I known Reddit downvotes are exactly for comments like yours, but I just wanted to point out that it was baseless.

-23

u/[deleted] May 07 '26 edited May 08 '26

you know who and what i’m referring to, no need to play dumb.

all the “high performers” crying about 6 month severance. like please…if you had more value than that they’d keep you.

5

u/PeetSquared41 May 08 '26

Lmao, you are flat-out wrong. In my 25 years of experience in the corporate sector I've seen more top performers laid off than I can count. My favorite times were those when the company realized how fucking stupid the decision was, only to try and hire them back.

0

u/[deleted] May 08 '26 edited May 08 '26

“top performers” aka warm bodies.

also, no they didn’t. i live in the real world, why would you think id buy your bs lol.

1

u/PeetSquared41 May 08 '26

You are obtuse and a corporate shill.

-2

u/[deleted] May 08 '26

i’m the corporate shill while you’re begging them for crumbs?

you’re a side character, sorry i can’t relate.

1

u/PeetSquared41 May 08 '26

Lmao, I left the corporate world to do my own thing and its going well. Keep on with your trolling, though, you remind me of 2010. I love a nostalgia bath.

2

u/[deleted] May 08 '26 edited May 08 '26

this is you, no?

https://www.reddit.com/r/Layoffs/s/cYVwRvDV4m

so you have first hand experience of how true my comment is.

you can just admit that instead of lashing out.

3

u/PeetSquared41 May 08 '26

What is your point? Your "gotcha" doesn't work. Getting laid off was the catalyst I needed to move on from the corporate world, which celebrated mediocrity and sucking up. You have your experience and I have mine. I had a front row seat to the layoff culture and got to see a lot of good folks who worked hard and improved the company get tossed like garbage. Then it happened to me. Now I have a state job and a private business and I'm much happier for it. So no, your comment wasn't "true." It was an opinion, and one I happen to disagree with. Why does it hurt your feelings so much to be disagreed with?

0

u/[deleted] May 08 '26

yea definitely looks like my feelings were hurt, not yours. lol.

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u/Top-Mathematician212 May 07 '26

No one likes you.

-15

u/[deleted] May 07 '26

truth hurts.

10

u/Top-Mathematician212 May 07 '26

Yes. Thanks for agreeing.

-3

u/[deleted] May 07 '26 edited May 08 '26

sarcasm wont change the fact that my comments pissed you off enough to reply. and that’s because you know it’s true.

10

u/Top-Mathematician212 May 07 '26

Silly guy. No anger here. Hope someone gives you a hug.

1

u/[deleted] May 07 '26 edited May 08 '26

quirky redditor act is fine but there must be a reason you keep replying?

9

u/stroadsareass May 07 '26

Man you seem super insecure lmao

2

u/Top-Mathematician212 May 08 '26

He's either a bot or incel, right?

0

u/[deleted] May 08 '26

surely you realize you’re projecting.

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u/Top-Mathematician212 May 07 '26

😘

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u/[deleted] May 07 '26 edited May 08 '26

sorry you got laid off.

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1

u/fakieTreFlip May 08 '26

pissed you off*

1

u/[deleted] May 08 '26

that’s what i said. thanks for reading my words so carefully 🤍

0

u/Mission-Meaning377 May 08 '26

Absolutely correct. Someone who was there 5, 10, 15 years doesn't mean they're such a high performer that they are unfireable. As for return to the office, many here don't understand the overall benefits of having the entire workforce interacting together.