Fidelity Investments cuts 1,000 jobs while hiring 5,300
Fidelity Investments will eliminate roughly 1,000 jobs and hire about 5,300 workers. The change hits technology and product-delivery teams first, with some Boston-based employees among those told Thursday their roles are changing. The firm is trimming senior layers while adding early-career engineers and reshaping how the work gets done.
Fidelity technology teams shift
About 25,000 workers sit inside Fidelity’s technology and product-delivery organization, a slice of the company’s approximately 80,000 global employees. That team is moving away from an agile makeup of smaller squads and toward larger groups built to move faster on projects, with the new model fully in place on June 1.
The company said the revamp is aimed at staffing employees best equipped to work on newer tools, including its trading and household planning platforms. Fidelity’s technology and product delivery teams are improving their organizational model to better align resources to our highest priority work that [matters] most to our customers.
Boston workers face cuts
Roughly 1 percent of the global workforce will be cut, and a small number of those reductions will come from among the approximately 6,200 Boston-based employees. The company also expects to see growth in the region, even as it eliminates roles and redesigns teams.
About 3,300 new workers are planned this year, with about half in tech or product-related roles. About 2,000 of those jobs are already open, including 400 in tech and product-delivery, and Fidelity also plans to add almost 2,000 new early-career workers.
September office return
Late last month, Fidelity said thousands of headquarters employees would be expected back in the office five days a week starting in September, up from two full weeks onsite out of every four under the current hybrid arrangement. The same rule will cover workers at its offices in Merrimack, New Hampshire, Kentucky and New Mexico, while Smithfield, Rhode Island, is excluded because of spacing constraints.
Customer support phone workers will spend less time in the office, and the staffing changes show how Fidelity is reallocating work across teams instead of simply shrinking headcount. Fidelity is continuously improving its working model to best position ourselves to meet the evolving needs of customers.
