What's the company culture at Fidelity Investments?

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Every business has it's own style. What is the office environment and culture like at Fidelity Investments?

Are people dressed in business casual, jeans and t-shirts, or full-on suits? Do folks get together for Friday happy hours and friendly get-togethers?

What is a typical day in the life of an employee at Fidelity Investments?

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Experienced in Cambridge, Massachusetts

96 months ago

<I> I laugh when reading the posts made regarding Fidelity. Fidelity is a large company and just like any large company there are some politics involved.</I>

I can't speak to the experience of this obviously very junior person, but in its own hometown Fidelity is a running joke. All companies have too much politics, of course, but at Fidelity, politics is your job. You will spend all day, every day, in meetings. Those who seek to do a good day's work, challenge themselves, and grow, all know they have no place in this company. It's quite common in Boston for a position to go unfilled for six months to a year, because the reputation on the street is really that bad. Now, sadly, they only hire the dregs and the oblivious. Fidelity was hot in the '80s, before it started hemmoraging market share, but today, other companies in the same sector offer a better experience at better compensation.

Stay away.

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tired of complaints in San Antonio, Texas

95 months ago

The things I read on here are the same complaints on every companies forum. You can't expect much nowadays, and if you do, then you are not too intelligent. It's a dog eat dog world. All big companies are the same, how do you think they make their money??? I don't think Fidelity is any worse than any other company. Check out the Forum on USAA, is it worse than that????

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zoom in Frisco, Texas

93 months ago

Heidi in Colleyville, Texas said: Did you go to this interview? I am one tomorrow for the same position, just interested in your experience.

me too! have any of you officially started this position??? i have been given the run around about a start date for a month now. at first i felt excited about the opportunity but now i am not so sure because i have not been getting very much positive feedback on the overall company atmosphere

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zoom in Frisco, Texas

93 months ago

SJS in Dallas TX in Dallas, Texas said: I am considering a job at the Call Center near Dallas TX. I will have my first "interview" tomorrrow. It is in the 401K call center. Does anyone have any insight in what it is like there?

did you accept the position???? i am just courious. i went on the same interview and was asked to come aboard. i was very excited about the opportunity at first until i kept getting an unsure anwser on when the start date would be and also started hearing negative feedback about the company from others. now i am uncertain if i want to start work there... any advice?

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Karl in Cary, North Carolina

93 months ago

I joined Fidelity 3 months ago. And can honestly say without a doubt this is the worst company I've ever worked for in my 10 years. Heed my advice stay away! What keeps me motivated everyday is being able to say good bye to Fidelity soon.

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Drew in Shelburne Falls, Massachusetts

93 months ago

The style of dress runs the gamut from suits at the corporate level to business at the branches to khakis and knit shirts at the phone centers. Once in a while jeans are allowed on special days and once in a while shorts etc. during "theme" days. That's what it was like when I was there at any rate. I'd be interested in knowing the real reason the high level managers have been leaving. A friend of mine left Fidelity last week after being there for over three years because his manager was giving him a hard time about needing time off to care for his special needs daughter. What was even more shocking was that the HR department gave him no support in trying to care for his daughter. It would not bother me so much but I have known him for about six years and his daughter is an absolute joy, she just happens to be special needs. Any company that doesn't stand behind a single Dad, or any parent for that matter, gets big demerits in my book.

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George in Cary, North Carolina

93 months ago

Karl in Cary, North Carolina said: I joined Fidelity 3 months ago. And can honestly say without a doubt this is the worst company I've ever worked for in my 10 years. Heed my advice stay away! What keeps me motivated everyday is being able to say good bye to Fidelity soon.

Karl - what type of position did you take and why is it the worst company? I am thinking about accepting a position at fidelity and am looking for as much feedback as possible. Theres gotta be more than 38 people working there who could post something here.

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mike in Cary, North Carolina

93 months ago

I was just offered a management position with fidelity in Cary. However I am not sure I am going to accept the position after reading all your comments. Is there anything positive about Fidelity?

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NKU in Cincinnati, Ohio

93 months ago

Does anyone have any comments about Fidelity's campus in Covington, KY? What is the work culture like there? Is there less politics because KY is far from Boston?

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Kathryn in Charlotte, North Carolina

93 months ago

I have interviews scheduled for a Management position, Ive heard the interview process is grueling and unless you have spotless credit you will not be considered.
I also heard that there is no work/life balance and the culture is rather stiff. Can anyone confirm?

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BKS in Dallas, Texas

93 months ago

My friend started working at Fidelity in Westlake about 4 months ago. She is a workaholic. She is already starting to feel burnout and loads of stress.

She does not have children, yet. I think she will have her attitude about work/life balance change once she has a child.

Currently, she is working 60+ hours a week. She does not take her lunches away from her desk because her managers do watch that. We are going to lunch next Monday because she is a taking the day off.

It is funny because she literally works across the street from me.

Anyway, I think the environment is highly competitive. She does have alot of good things to say. I can tell from knowing her for almost 10 years now that her work-life balance is out of whack, even for her -- a workaloholic.

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Drew in Shelburne Falls, Massachusetts

93 months ago

A friend of mine was working in the 401(k) department in Merrimack and he kept saying that the job was nothing more than being a slave in a white collar sweat shop. The voluntary mandatory overtime was something that used to get to him. Try working 40 hours a week and you're look upon as being a slacker. He ended up quitting and now works for an RIA in Manchester, NH making more money and working less hours. There is life after Fidelity. They do, however, have a great training program. For some people working on the phones day in and day out is great but for many of us it was limiting and not the career job we'd prefer.

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SC in Franklin, Massachusetts

93 months ago

I worked for Fidelity Investments for 2 years and then moved out of state. I did not have the best experience, I believe Fidelity does have a lot they can improve on in regards to employee satisfaction. The micro-managing was unbearable! There was mandatory overtime, each employee had to work 12 hour shifts 5 days a week for an indefinite amount of time, there were politics and backstabbing. Things that happen at most companies.
The good news is that I have a new job now which I LOVE and appreciate so much, but I don't think I would love it as much if I didn't have my experience at Fidelity. I learned a lot about the "real world" and relationships in the work place. There is hope after Fidelity : )

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jacy in Dallas, Texas

93 months ago

I have been working at Fidelity since April 2007. I started on the phones in authentication and a month later they had me training to be a license representative. I am thrilled to be working at Fidelity and think that this has been a great opportunity!!

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Pissed off in Apopka, Florida

93 months ago

I was hired by Veritude for Fidelity. After asking the manager multiple times about her budget, she assured me that her budget has never been cut. The day that I resigned from my current position, is the same day I received an email telling me that due to budget cuts that Fidelity is canceling the position that I was suppose to start on Monday.

Needless to say, I am back at my old company and is happy. A blessing.

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JIm in Boston, Massachusetts

93 months ago

I am a former employee, and I will tell you that you better watch your back at Fidelity. Everyone is out for themselves, and no one is you friend there. I stayed for 6 months, got a 2500 referral bonus( only reason I stayed)and I have now been happily employed under the Citi Umbrella for 6 years. Fidelity is a horrible ugly place to work, and many of the employees are miserable. My average work day was 8AM - 8PM, if I left prior to that people would looke at me like I had an additional head.
No life work balance at all.

Fidelity is a burn them and churn them type of place to work!

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B Franklin in Worcester, Massachusetts

93 months ago

Used to work in FIDO for 16 years in IT group on the Institutional Side... Poorly managed... Super political... Disorganized... No direction... Every man for himself mentality. Most, not all, managers are know nothing know it alls, and often contradict themselves, and don't even know it. No accountability at higher management levels - they keep screwing up, get transferred to another role, and then the department they left get's crushed and burned. And as of late, all the senior leadership team is jumping ship, either going to the competition, or just walking away... what does that say... This culture comes down from the top... what a mess! No wonder Fidelity keeps losing position in the market place, and has a 25 to 30% turn over rate... If you want a good 2 year learning experience to see how it should not be done, sign up and learn...

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Fed Up with Fido in Burleson, Texas

93 months ago

I worked there for five years, first as a registered rep and then in the training group. I have to agree with the majority of comments here. In training they told us that our job was not to "shag calls" but to service the customer no matter how long it took. Then on the floor we would get penalized for not being able to complete a complex call in under 6 minutes. They would also keep cramming more and more requirements into each call every time some genius at the top came up with a new idea. Same six minutes, but more and more ridiculous canned-sounding crap to insert into each interaction. Then, when I was in the training group, there were no clear requirements for success/failure. I constantly got the highest reviews from my students and observers on things like technical competence, organization, presentation, etc., but getting ahead was all about WHO you knew, not WHAT you knew. There were no objective standards at all for advancement; just vague phrases from management about "being more collaborative" and "not being ready", etc. If you want a true picture of Fidelity, try reading DILBERT! The similarities are uncanny.

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Beatis2 in Raleigh, North Carolina

93 months ago

For many companies that I've come across, targeted bonuses are rarely met. I've heard that Fidelity's bonus target is 20%. How close to that do they get most years? I've worked for a fortune 10 company and stressed what their bonus target/potential is, but you were lucky to get half that amount.

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Former EE and loving it! in Cincinnati, Ohio

92 months ago

I left Fido about 6 months ago and I am so glad! Say what you want, but there is a definite glass ceiling there for women and those who don't kiss up. I was on the phones for 5+ years and then went to marketing (yes, I was one of the lucky ones-hardly!) My marketing manager was so worried about her own image that she wasn't about to help develop me. I thought that I would be happy there once I got off the phones, but it seemed even worse. I stuck it out for about 2 years and then went to another financial services company. People at the new company actually respect the fact that I am a working mother and don't expect me to work 55+ hrs/week. Also, I am making alot more money. Bottom line is this--Fido is a great place to start your career, but get out after 5 years.

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Ben F in Worcester, Massachusetts

92 months ago

Regarding Fidelity bonus. I think you are referring to the annual bonus? Each grade has a bonus pool with a quoted maximum, but... that's not the # that pays out... typically, the "pool" only get's funded at 75% to 85% of the quoted amount, so for example, if you're in a work group that has 20 people, all at the same grade, and the bonus pool for that grade is 20%, it'll probably be funded at 17% of the base salaries for the group. You as an individual could come out at the full 20% of your base pay, but that of course means someone else took a hit...

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gopats in Providence, Rhode Island

86 months ago

Hmmm. They've been cuttiong contractors before their contract date is up, alot of senior management has left and now a code freeze. Next it will be the bonus and profit sharing. I think you're going to see a 'For Sale' sign put in the ground soon.

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lurker in hollis, Massachusetts

83 months ago

Please note my town and name are very different because as an employee I am not allowed to comment on this company. I am in front-line management and have the following advice. If you NEED a job that pays half ways decent. Yep come on. However, don't expect raises to keep up with inflation or gas prices, the high side for the last 5 yrs has been 3%. Hrly employees might get a weeks salary at Christmas (highlight MIGHT). Right now the budget is the world. The famous quote "do more with less resources". Guess what those resources are.... you. So when you are busy, the company owns every minute. Have no fear, front-line managers sit on the same fire as hrly employees and often wonder if it was worth the promotion. Speaking of promotion, 5% or the bottom of the promotion pay scale, whichever is less. I do have to say this is my area, there may be other areas that are better.

Now there is a secret to getting ahead in the company. Carve out a niche for yourself, make yourself indispensable by knowing something no one else does or better than anyone else. It's no guarantee but these types of individuals will survive and succeed more frequently than someone who wants to work an average day, do a fair job and have a personal life.

Good luck all.

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jenn w in fern park, Florida

82 months ago

Hello. Do you have any contacts in the Westlake office. Both my husband and I are trying to get into Fidelity looking to relocate from Orlando. We have years of experience at a popular brokerage firm here. He would be applying for a position similar to yours and I am looking for an operations or customer service position. I have submitted my resume and so has he. No luck yet. Please email me at jenniferw223yahoo.com thanks!

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---Hardworker--- in Merrimack,, New Hampshire

82 months ago

Worked there for 2 years and been disatisfied from day 1. It is very political environment. If you voice your opinion or concern that management does not agree with you are doomed. You will lose your job. Bye the way the normal way to reduce workforce these days is 2 give you a bad review no matter how you are doing your job and invite you to leave simulating that you are performing poorly. The poor mask on this whole thing is that they put some cash on top of so that they dont end up in a legal argument. Very unhuman environment. The good part is that I also learned something in the meantime , they do put emphasis on technology even thoug htey act very disorganized and calling meeetins to talk and talk and talk with no ending in sight. I could go on and on, but I stop here , there is no point working there unless you realy are an a..-kisser or you are a 'politics' major. Perception is important , rest ( read results) is just results. Sorry Fido, your heart has stopped beting long time ago.

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kevin Lacriox in Marlboro, Massachusetts

82 months ago

You may work in the financial serivces but you sure as hell do not the value of time. 60k for 50-60 hours per week or work is not worth it. You are what Ned Johnson is looking for!

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kevin Lacriox in Marlboro, Massachusetts

82 months ago

This company is the third largest benefits provider inthe country. There was an article that companies are now looking to do away with company matches what do you think is going to happen to the people who work in Defined Benefits which are basicaly extinct, 401ks which most people do not contribute to and the other plans. Let be honest reputable companies do not outsource their benefits plans to a company like Fidelity. There is one Fidelity training not only rich people contribute to mutual funds. People of wealth have stocks ion their own portfoilio and have self directed brokerage accounts at the deep discounters. Fidelity can not keep up with the changes in the market or with the competition from other companies.

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kevin Lacriox in Marlboro, Massachusetts

82 months ago

THE BEST THING THAT COULD HAVE HAPPENED!

I WAS FIRED! I am so thrilled!

Yes Indeed. I feel so much better than going to work in that rat hole. I have a better job now. I enjoyed a three month vacation. My unemployment compentsation was more than Fidelity's paycheck after taxes. I actually was better off since gas went to $4 a gallon at the time. The manager who fired me sent me my note pads with all the clients information also by DHL. I did not sell them! I threw them in a dumpster! I really don't care who got the information. I was not paid or respected enough to send it back to Fidelity. The manager who fired me left to go get their masters degree. The individual has no common sense. Which cannot be bought in a school. This person has a FINRA/NASD Series 24. Supposedly this individual should know better than to send client to any information anybody especially to a so called disgruntal employee. This is the type of incompentence and ineptness that the managers consistently show and encourage. If you can do the Fidelity nod you will be promoted. You compensation will decline because of inflation.

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judge cranston in boston, Massachusetts

81 months ago

Part 1.
I have worked in my industry for 20 years. I rate Fidelity Investments as the most unsatisfying and least rewarding work experience to date.

The negatives -

1. Fidelity is a modern day corporate sweat shop. Don't expect to be treated as anything but a disposable resource on a department spreadsheet.
2. The company is totally focused on cutting cost at the expense of everything. Everything includes your aspirations, career and well being.
3. The upper Management team including Johnson, Lawson and others are completely out of touch with their organizational structure and the day to day goings on in the company. The company has Vice Presidents and Directors with zero people reporting to them which are draining away money from people more deserving. Most work is done at the lower tier levels to support the VP’s and Directors that do less work. In many cases I am not sure what some of the VP’s and Directors actually do. From my observation I would say very little. To say the organizational structure is a mess is right on the money.
4. The corporate culture is mostly code, unfriendly and just plain no fun. Sometime I think Fidelity workers have been implanted with an android chip. Many are just plan butt holes who have an over inflated opinion of themselves and are primarily concentrated on protecting their individual position in the company (at any cost, including yours). Overall the social environment is a zero.
5. You have a very good chance or working for and reporting to managers who may have less knowledge and work experience than you in your skill set. That is a very frustrating situation.
6. There is very little upward mobility for most employees.
7. There is absolutely no cross training. Your ability to do anything “new” will be limited.

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judge cranston in boston, Massachusetts

81 months ago

Part 2

The positive -

1. Fidelity does have a solid benefits package including a generous bonus. The bonus structure is under review for changes. I think you can figure out what that means.

Overall I strongly recommend you stay away from this company. They peaked in the late 1980’s as a great place to work. The corporate culture has turned against the employees. They have a considerable number of internal problems. This company has shifted to the dark side of the moon. They will have many problems in the years to come and working there could get scary.

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Drew in Boston, Massachusetts

81 months ago

The trend seems to be down on Fidelity, as it should be. I'm still in the business and run into former Fidelity employees quite often. Just to be a great place but lately it's a machine churning and burning employees. Such a shame because some of the managers have no business being in that position. The "real" people get burned out and the survivors are almost members of a cult slavishly devoting their lives to Fidelity. Such a shame. Great place to learn and even better place to leave.

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Drew in Boston, Massachusetts

81 months ago

Judge Cranston's comments are sad but true. The Aspect phone is the tool of choice and you key in at the beginning of your shift and key our for everything including toilet breaks, which I understand are limited. Most managers don't understand what they are doing and seem to exist simply to have meetings. Fond memories of some people with whom I worked and some unhappy memories of dreadful wretches who were managers or in the training department. Same in most large companies but there is life outside the cubicle walls.

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kevin Lacriox in Marlboro, Massachusetts

81 months ago

It has been a tread mill for years! The speed has just gotten faster because they are more desperate for the same profit margin, but the companies that they provide the 401k benefits are laying off or outsourcing. General Motors and Ford are the biggest companies that have there benefits handled through Fidelity. Whatever happens to them Fidelity will be impacted. Managers at Fidelity are in cult, and sad to say they are such inadequate people that they have no life after work. BTW I showed the story from the SF Chronicle that was leaked to them in Jan 06. Revenge is sweet especially 2 months later they lose a laptop with 197,000 Hewlett Packard employees personal information on it. To bad the Boston Globe did not pick up this article.

www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/01/20/BUGLAGQ6B51.DTL&type=tech

searchcrm.techtarget.com/news/article/0,289142,sid11_gci1176638,00.html

The Wall Street Journal article had the police blotter about where this theft happened.
The Rep perjured himself so badly. Stating he was in a Chinesse resturant for 3 hours during March madness. He most likely was in sports bar or a gentlemens club getting missle twisted by one of the dancers. I beleive the latter since Fidelity hires such inadaquate and inept people.

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kevin Lacriox in Marlboro, Massachusetts

81 months ago

Here is something that I put on vaultreport.com. You may want to pass this on to people who work at Fidelity. I spoke with one of my charges from Fidelity, the management is out of control changing policies everyday, abusing staff that were "Golden Children" cutting bonuses and running off more skilled associates. I hope this helps if anybody is looking to work at Fidelity or someone who know a person that is in this terrible circurmstance.

Take as much client information as you can, with clients you have a rapport with, look for a better company that has more respect for it associates and clients. The biggest business this company has is money market funds which to increase yield they have purchased subprime mortages. What will happen when people start withdrawing more funds from the IRA, and DC plans where will that leave Fidelity. People with assets will not tolerate Fidelity's approach for business with limited response from it's representatives who have limited life experiences. If you are young and are interested in having a good time by all means stay at Fidelity or go back to working at the mall. If you want to have serious and ethical career find a new company soon. I did my time at Fidelity it was the worst place I ever worked. No respect, low pay, long hours and "being coached by morons who could not tell the difference between the FDIC and SIPC.

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p00piepantz in Dallas, Texas

79 months ago

The current company culture is to spend most of your day working on your resume and mailing it to potential employers to try to escape a company that has seen it's better days and is falling like the Roman Empire.

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CMR in Grafton, Massachusetts

78 months ago

I couldn't agree more with these comments. I worked at Fidelity from 99' to 07' and it was an absolutely miserable experience. If you are considering working there, know the following;

1- The corporate culture is arrogance at its absolute worst.

2- The posts you are reading here about a highly political environment where you need to fend for yourself at all costs are absolutely true. If you align yourself with the wrong people your job will be in danger.

3- This is a company that celebrates shipping jobs to India - they call it "off-shoring" and I regularly attended meetings where the cost savings were touted and people congratulated themselves for sending jobs away that had no business being exported. From a practical standpoint having worked with FMR India it was a joke. There was no response or accountability from that group and routine things took weeks to get done.

4- The company is an elitist service provider. If you are an investor with less than $100K you will get nothing for service - just a website and a canned investment strategy. High level strategy at Fidelity is geared towards what they call high net worth investors.

5- While the salary and bonus pools which I hear are drying up were once lucrative you will trade your soul for them working at Fidelity. The company does not value employees and it will ship their job overseas or to a more lucrative site in the US if it sees a chance to save some money.

I plead with all reading - do NOT work here. Only a current Fidelity employee will encourage you to do it and that says a lot. Good luck...

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bobthemusicman in Boston, Massachusetts

77 months ago

When I was first hired by Fidelity back in 1995 I thought I was set for life. Everyone said how wonderful it was to work there and supposedly EVERYONE from the CEO to the guy in the mailroom was making money hand over fist.

Prior to be hired as brokerage representative I was interviewed by three different managers as well as having a phone interview with some organization that evaluates your "psychological profile". Apparently looking back they probably wanted to make sure I was the type that would drink the purple kool aid and follow in lock-step everything Fidelity did. I honestly thought at the time that with all these interviews they really must be looking for the cream of the crop!

Shortly after training and getting my Series 7 license, I began the daily task of being a phone jock for the Fidelity brokerage customers. At first it was pretty exciting and I enjoyed the people I worked with. After about 6 months however, things started to change, and not for the better.

First of all they relocated our entire department from Boston to Merrimack, NH. Despite a somewhat decent relocation package we lost many talented and good co-workers who did not want to either move or at least commute up to "the sticks" from the Boston area.

Because they needed to hire new people to replace those that decided not to make the move as well as the fact that Fidelity was in a hiring binge mode anyway, we were at the mercy of some of the "local talent" from the Southern New Hampshire area.

I kid you not, some of the characters that showed up for on-site jobfairs looked like they just came from a taping of "Hee Haw"!

One hillbilly actually showed up for an interview wearing a plaid suitcoat. Needless to say he wasn't hired but many of these others were.

It soon became very apparent to me that Fidelity was in a predicament where they were starting to take almost anyone who walked in off the street, or in our location's case, walked in off the farm! So much for

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bobthemusicman in Boston, Massachusetts

77 months ago

hiring the "cream of the crop"!

The micromanaging became much more intense and despite the so-called open door policy and the ability to supposedly air your own ideas and thoughts, those thoughts would only matter if they were in agreement with the powers that be.

Office politics are VERY prevelant at Fidelity. Very easy to get thrown under the bus and back stabbed by co-workers who you supposedly trust. Forget about getting anywhere in the organization if you even cross just one person. Bumkissing and doing everything and anything to butter up your manager and anyone else above you is the key.

They would have rah-rah sessions every other week or so where you would basically hear the same old song and dance about how great Fidelity was and how it was a great place to work at. Yeah, sure it was....NOT!

Despite some decent benefits, I realized that the pay wasn't as cracked up to be as I had first envisioned and that merit increases were pretty mediocre in comparison to similar companies.

I tried to make several attempts to transition out and get a different position elsewhere but after going through numerous HR managers and running into glass ceilings everywhere, it was obvious that the only way you could advance yourself was to either be a close family friend of the Johnson Family or have an MBA from Havard.

I finally had enough and walked out. To this day I do not regret it especially in light of the recent turmoil that has been going on there.

From some of the other posts I have read it seems that nothing has really changed or if anything it has gotten worse.

In my honest opinion, Fidelity at one point was a great place to work. That being said however I think that over time it has gotten so large and has expanded so rapidly that it has lost that glitter that so many people were attracted to.

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Oldandgray in Anonymous

76 months ago

Fidelity Investments came out with a new 5 year plan recently. Because they recognized that they were losing talent across the country to the competition, they touted that of the 5 points of their new 5 Year Plan was to retain experience and tenured employees. Regional meetings were held and it was clear that the major point of contention was low pay for talented employees and lack of respect for the employee by the company. Customer Satisfaction survays are regularly performed and the top customer dissatisfier is a lack of experienced and knowledgeable employees.

Fidelity recently laid off appx. 1500 employees and is in the middle of assembling another 1500 to lay off - likely in February. They are actively cutting the pay of tenured employees by not only cutting base pay bands but cutting variable compensation drastically. Employees are being given the opportunity to take the pay cuts or being laid off.

Despite the company 5-Year plan that says they are going to retain experienced and tenured employees, the company has deceived its own work force and is actively forcing out those with 10 years + experience.

Fidelity has become an awful place to work for all but the newest and youngest and least experienced. They have made it clear they do not value service and loyalty. DO NOT WORK FOR THIS COMPANY !!

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p00piepantz in Dallas, Texas

75 months ago

I totally agree with Oldandgray and with bobthemusicman.
Fidelity Investments has seen it's better days and is falling like the Roman empire. It has become totally obvious that Ned Johnson is no longer running the company.
What a shame for a great American company to have come to this state of affairs. When Ned was running the company, it was the best place to work there ever was. We miss you Ned.

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fido old timer in Dallas, Texas

75 months ago

After over 20 years working at Fidelity, I was laid off last Tuesday. My last 2 reviews were exceptional so I wasn't let go due to poor performance. My crime? It seems I am simply paid more than people can be hired in beneath me. Fidelity has taken the low road and is slowly eliminating their experienced, tenured employees. Despite internal Fidelity customer satisfaction surveys that show clients most value speaking to someone who knows that they are doing and can give the right information the first time, Fidelity has chosen to make a concerted effort to reduce staff by eliminating those employees who were the most loyal to the company. Though I know in this economy if a job opens, someone will take it, understand that the longer you are there, the more endangered your job will be. Work no longer than 5 years and then move on. Fidelity does not value its employees, its purely business. Don't treat your job at Fidelity as anything more than a stepping stone to a better company.

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lurker in hollis, Massachusetts

75 months ago

fido old timer in Dallas, Texas said: After over 20 years working at Fidelity, I was laid off last Tuesday. My last 2 reviews were exceptional so I wasn't let go due to poor performance. My crime? It seems I am simply paid more than people can be hired in beneath me. Fidelity has taken the low road and is slowly eliminating their experienced, tenured employees. Despite internal Fidelity customer satisfaction surveys that show clients most value speaking to someone who knows that they are doing and can give the right information the first time, Fidelity has chosen to make a concerted effort to reduce staff by eliminating those employees who were the most loyal to the company. Though I know in this economy if a job opens, someone will take it, understand that the longer you are there, the more endangered your job will be. Work no longer than 5 years and then move on. Fidelity does not value its employees, its purely business. Don't treat your job at Fidelity as anything more than a stepping stone to a better company.

I am so very sorry to hear you were one of the people layed off on Tuesday. I really hope you can find a job you love and enjoy with a great company. I'm also with Fidelity going on 16 yrs. While I wasn't layed off, our group lost several very valuable people with no ryme or reason as to how they were chosen. It is a very heartbreadking experience all around especially when you work very closely with people for years and know them personally. Our group is very close knit not because it matches the current culture, but because we all choose to treat each other special. Anyway, I will add you to my prayers, best of luck.

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Oldandgray in Anonymous

75 months ago

Thank you for your wishes. I think there are several things that came out of this most recent layoff.

1)a disproportionate number of people let go were older, more experienced persons. I was far from the only 15+ year person let go who had an excellent performance history.

2)check out a quote from Rodger Lawson made about 6 months ago in an internal video conference response to some of the OTC traders/drugs/party boat scandal. He said, and I quote, "The most important thing at Fidelity is our reputation." I think that says it all - it's certainly not the employees who are appreciated.

3) Those who were laid off - who were not older, higher-paid employees, were often excellent performers. The decisions were made in HR, not by area or regional management who best know their employees.

4) With customer satisfaction survays saying the #1 complaint they have with Fidelity being the lack of knowledgable reps who give reliable, accurate information, the list of those who were laid off were generally those who were the most knowledgable and most reliable and most loyal employees.

(continued)

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Oldandgray in Anonymous

75 months ago

(continued from above)

5) This is NOT an unprofitable company. They continue to work to maximize profits at all costs for some unknown reason. They laid off 3500 people with families to feed and mortgages to pay. They did not HAVE to do this. They chose to exacerbate the problems we have with the economy. Fidelity should be ashamed to be part of the reason for our current economic crisis rather than a solution. They could have chosen to take it financially for a couple of quarters in order to protect their employees, but they chose to be part of the problem.

All in all, Fidelity Investments has become a monolithic, uncaring and arrogant company that demands its clients fit into Fidelity's mold of what a client should be. Schwab is moving in the exact opposite direction, recognizing that clients value a 1:1 relationship with someone they can trust and get to know. Fidelity is actively discouraging this, even with the highest net worth clients, forcing them to use inexperienced phone site rep.

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wlc76 in Boston, Massachusetts

74 months ago

julie said: I worked for Fidelity 10 years ago in an analyst position, I've worked for other Financial Services firms including JPMC, FHLB and Countrywide. I'm actually interviewing with Fido next week and really look forward to going back. Many of the complaints you see here are the same at every company. I can honestly say I learned more at Fido, had better training and opportunities than anywhere else. The people and culture aspects everyone complains about are the same at every company they just have different names and slogans. I found if you work hard, stay away from the negative people you will get ahead.

Word of advice - RUN. Do not go back to Fidelity.

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Jason Kel in Nashua, New Hampshire

74 months ago

I agree to Oldandgray, the people who got laid off were all well experianced, and well performed. FIDO sucks anyways,

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FinServe in Divernon, Illinois

68 months ago

I see a lot of posts touting the company line, even boasting about the company's limo company. Have you ever rode in one of the company limos? Have you ever been offered a discount if you wanted to rent one of the company limos? Then, who cares? Is it really a benefit to you? I hear talk of the companies 40 companies. Again, what benefit is that to you? Yes, you can trade in your crappy phone job for a crappy bag office job, but that's about it. And so what that the company is privately held. All that really means is that you don't have a stock option plan and the only thing you really have is 401k matching. Lots of companies offer that. For a financial services firm, how many of you have any real insight into what's going on with the market? How many of you can really offer much in the way of an informed opinion about anything market related? You have your model of funds to choose from and that's all you know. Most of your customers calling on the phone have more market insight than you do. The fact is: it's company filled with no-nothing hacks that likes to play games.

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Shallowbay in Nashua, New Hampshire

67 months ago

tired of complaints in San Antonio, Texas said: The things I read on here are the same complaints on every companies forum. You can't expect much nowadays, and if you do, then you are not too intelligent. It's a dog eat dog world. All big companies are the same, how do you think they make their money??? I don't think Fidelity is any worse than any other company. Check out the Forum on USAA, is it worse than that????

Mental illness from a job is something I hope you never have to endure, the constant scrutiny and sexual harassment on top of harassment and being so micromanaged that you cant use the bathroom. Throwing up and blacking out and having so much anxiety that you can barely breathe. Before the job I wasn't like this, I guess the job is right everything changes. Now I am a different person thanks to Fido.

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BeerBoy in Nashua, New Hampshire

67 months ago

Shallowbay in Nashua, New Hampshire said: Mental illness from a job is something I hope you never have to endure, the constant scrutiny and sexual harassment on top of harassment and being so micromanaged that you cant use the bathroom. Throwing up and blacking out and having so much anxiety that you can barely breathe. Before the job I wasn't like this, I guess the job is right everything changes. Now I am a different person thanks to Fido.

I recall when the e-mails about bathroom breaks went out. Someone had a "bright" idea at Big Green. I assume that this gem is either no longer w/the firm or has been promoted to a very high VP position. =0 Some of the managers are good, some are bad, most are merely acceptable. To meet the "numbers" they manipulate, cajole and threaten. Fun. I could not take it and went on to greener pastures. You can find people w/integrity and the desire to help people grow in their roles and move on but it takes a lot of looking. I learned a lot at Fidelity, to be sure, but I also saw lots of awful things. It's just the culture that they foster, which has changed over the last 10 years or so.

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