Fidelity Investments cut about 700 jobs this week, its first head count reduction in seven years.
The move affects less than 1% of the workforce, a spokesperson for Boston-based Fidelity said Friday in an emailed statement. The firm had about 74,000 employees at the end of last year.
“While difficult, this decision better positions us for the evolving needs of our customers, even during times of growth, and ensuring we remain competitive for years to come,” the spokesperson said.
The Wall Street Journal reported on the job cuts earlier.
Fidelity, led by Chief Executive Abigail Johnson, shook up its senior management ranks last month, appointing Maggie Serravalli as chief administrative officer and elevating Kevin Barry to succeed her as finance chief.
The fund company, with $12.6 trillion of assets under administration, is still hiring and has almost 2,000 open roles for “critical business areas,” according to the statement.
Fidelity International, which was spun off from Fidelity Investments in 1980, said early this week that it plans to cut about 1,000 jobs worldwide this year.
Concerns about outliving savings and healthcare costs are reshaping how "Peak 65" Americans and advisors approach income planning.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
Modern Wealth's latest deal for a California-based fee-only RIA marks its fourth acquisition of 2025.
Sen. Warren has warned of private market investment risks due to opacity, illiquidity, and past regulatory issues.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
