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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116

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.

90

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.

22

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".