Many employees at the Boston Behemoth may soon be faced with that classic questioned posed by the Clash: should I stay or should I go?
| Abby Johnson|
Chief Executive Officer
Word in the industry is that tomorrow Fidelity
] chief Abby Johnson
and her leadership team plan to internally unveil a buyout program targeted at long-tenured employees across the company.
A spokesman for Fidelity was not immediately able to comment for this story.
Sources familiar with the situation say that the Boston-based mutual fund giant will offer a package to more senior employees. One source says that only those senior employees with at least 10 years of service at the company will be offered the buyout.
The "major buyout program" is "very generous," one source says, as Fidelity is offering one month of severance pay for every year of service.
The Boston Globe also reported
on the planned buyout offer, though with slightly different details. Citing three unnamed sources, the buyout offer is being made to employees ages 55 and up with at least 10 years at Fidelity. Per those sources, the buyout offer includes: health coverage for 18 months and "several weeks of severance pay for each year of service."
Fidelity has more than 45,000 employees worldwide, the Globe
points out. Its 2016 operating profit rose to a record $3.5 billion, thanks to a record $15.9 billion in revenue and to a 0.4 percent expense decrease to $12.4 billion.
Stay ahead of the news ... Sign up for our email alerts now