Business
The financial giant says it will bring on thousands of new employees while trimming about 1% of its workforce as it restructures its organization.
A Fidelity Investments logo is attached to a building in Boston in 2019. Steven Senne
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Fidelity to bring employees back to the office 5 days a week
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Fidelity Investments is back in the spotlight. Fresh off its move to a five-day in-office requirement, the financial institution says it’s launching a major hiring push, even as it trims about 800 jobs worldwide, as part of a broad organizational restructuring.
“These changes are about getting the right combination of skills in place for where Fidelity is headed,” the company said in a statement to Boston.com.
Fidelity is reorganizing its tech and product teams to build and roll out new tools faster, according to the company. It will result in Fidelity hiring a large number of early-career, hands-on engineering roles.
The company has 2,000 open positions, including 400 in tech or product-related roles. Fidelity has about 25,000 roles transitioning to the new Technology and Product Operating model.
As a result, a small number of workforce adjustments are happening. Fidelity is letting go of about 1% of its global workforce of 80,000 associates, or about 800 people. The company did not say whether any of its approximately 6,200 employees in Boston are affected.
The company states that the move is to get the right mix of skills in place for the future, create more room for early-career, hands-on engineering talent, and streamline senior leadership layers.
“Fidelity is continuously evolving its way of working to best position ourselves to meet the needs of customers,” the company said in a statement. “This occurs even during times of growth to ensure we remain competitive for years to come.”
The move comes amid the company’s growth. Fidelity manages $7 trillion in assets, up 19% from last year, and oversees about $5.5 million in trades, which is up 25% from last year.
The announcement comes only a few weeks after the company said that it is pulling its workforce back to the office full-time starting in September.
To support more people in the office, Fidelity will maintain its main corporate office at 245 Summer St., even as it plans to transition workers to its new Commonwealth Pier campus, beginning in the fall.
Have you been affected by a layoff, either at Fidelity or elsewhere? Let us know via the form below, or by emailing [email protected], and we may include your response in a future article.
Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.
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