Fidelity lays off 700 employees – Boston Business Journal – The Business Journals
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Fidelity Investments laid off 700 employees earlier this month.
On March 7, the Boston-based investment giant notified the affected employees that their “roles were being impacted.”
Fidelity did not disclose how many of the affected jobs were based locally, but said that the cuts affected less than 1% of Fidelity’s total global workforce.
“We are still hiring talent in critical business areas with nearly 2,000 open roles,” a Fidelity spokesperson told the Business Journal. “Fidelity continues to do well and has benefitted from strong markets and higher interest rates, which have propelled positive business results in recent years.”
The layoffs come just a few weeks after Fidelity changed its hybrid work policy and said it will begin requiring its U.S. employees to report to the office 50% of the time starting in the fall. Before that the firm had a 25% in-office policy.
Fidelity is the 10th-largest employer in Boston and set a goal of hiring 500 new jobs in Boston during the first half of 2023. The firm fell short of that mark, only hiring about 400 people, but exceeded its global expectations, hiring nearly 5,000 people by the end of the second quarter of 2023.
As of July 1, Fidelity had 5,574 employees in Boston. As of Dec. 31, Fidelity had 5,860 employees in Boston. According to a Fidelity spokesperson, the growth represented an 11% year-over-year increase.
The company also recorded record-high revenue in 2023, generating $28.2 billion, which surpassed its 2022 revenue by 12%.
The firm also made a new of key executive moves, as reported by the Wall Street Journal. Maggie Serravalli was named the firm’s next chief administrative officer. Kevin Barry, former head of workplace, will step into Serravalli’s former role as finance chief. Sharon Brovelli succeeds Barry as head of workplace and will oversee corporate 401(k) plans.
The firm also named Bill Freitas as head of technology and Mona Vernon as head of human resources. Roberto Braceras succeeds Jonathan Chiel as general counsel, while Chiel is now senior counsel for Fidelity.
Total assets as of 6/1/23
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Fidelity Investments laid off 700 employees earlier this month.
On March 7, the Boston-based investment giant notified the affected employees that their “roles were being impacted.”
Fidelity did not disclose how many of the affected jobs were based locally, but said that the cuts affected less than 1% of Fidelity’s total global workforce.
“We are still hiring talent in critical business areas with nearly 2,000 open roles,” a Fidelity spokesperson told the Business Journal. “Fidelity continues to do well and has benefitted from strong markets and higher interest rates, which have propelled positive business results in recent years.”
The layoffs come just a few weeks after Fidelity changed its hybrid work policy and said it will begin requiring its U.S. employees to report to the office 50% of the time starting in the fall. Before that the firm had a 25% in-office policy.
Fidelity is the 10th-largest employer in Boston and set a goal of hiring 500 new jobs in Boston during the first half of 2023. The firm fell short of that mark, only hiring about 400 people, but exceeded its global expectations, hiring nearly 5,000 people by the end of the second quarter of 2023.
As of July 1, Fidelity had 5,574 employees in Boston. As of Dec. 31, Fidelity had 5,860 employees in Boston. According to a Fidelity spokesperson, the growth represented an 11% year-over-year increase.
The company also recorded record-high revenue in 2023, generating $28.2 billion, which surpassed its 2022 revenue by 12%.
The firm also made a new of key executive moves, as reported by the Wall Street Journal. Maggie Serravalli was named the firm’s next chief administrative officer. Kevin Barry, former head of workplace, will step into Serravalli’s former role as finance chief. Sharon Brovelli succeeds Barry as head of workplace and will oversee corporate 401(k) plans.
The firm also named Bill Freitas as head of technology and Mona Vernon as head of human resources. Roberto Braceras succeeds Jonathan Chiel as general counsel, while Chiel is now senior counsel for Fidelity.
Total assets as of 6/1/23
Race Equity & Business: Moving Forward
Join the Boston Business Journal as we gather a panel of business leaders to discuss DEI efforts at work and in the community and to share their reflections on priorities for Greater Boston.
2024 LGBT Trailblazer Award
Boston Business Journal will honor an LGBT businessperson of note as part of its annual Business of Pride event.
© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated December 19, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American CityBusiness Journals.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
