Skip to main content

Layoffs Watch: Fidelity Capital Employee Looking Out For His Pals

  • Author:
  • Updated:

From the mailbag:

Fidelity, specifically in Boston but surely other cities, has been quietly working its way through a pretty massive headcount reduction since about February. In 2009 the firm did a lot of hiring in general. In Fidelity Capital Markets, the size of our trading floor was doubled and by November it was pretty much filled with traders. This hiring was apparently in response to the increase in volumes which I guess management thought was permanent. Of course it wasn't. Now the trading floor is less than half full! I don't have an exact number, but at least 100 traders have been whacked this year and more layoffs are on the way. The layoffs seem to target the 2009 hires at all salary levels and other relatively new hires at lower salary levels as the severance package for such people is a lot smaller than those for people that have been around a while.

As Fidelity is privately held, it doesn't have to officially report this and local media has largely ignored it. That definitely sucks for the people that have been let go. So, I thought I would honor the service of these people to get the word out there. Hopefully our own Cliff Asness-type will weigh in.


Layoffs Watch '12: Barclays Capital

Cuts are said to have begun today across the pond. FYI: 'Consultation process' (job cuts) at BarCap London start this week. No indication of scale. Same day as [UK governance watchdogs] PIRC and ABI put firm on Amber Top alert due to exec compensation... troops not happy.

Layoffs Watch '12: Asia

The bad news is that Goldman Sachs, Deutsche Bank, UBS, and others have been making cuts and are expected to continue to do so. The good news is that not everybody is upset about it. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the equities business, with more layoffs expected in coming weeks. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs, the sources said...The Asia cuts also come at an unexpected time, when expatriate finance professionals are preparing to hunker down for the summer while their families head home for the holiday. "I'm disappointed, but in some ways I'm glad I was cut early in this round, because everyone is looking over their shoulder," said Cassandra Lister, who was recently let go as a managing director at Societe Generale in Hong Kong. "They're looking around and wondering 'Am I next?' It's a horrible work environment." Asia's Investment Banks Launch Round Of Job Cuts [Reuters]