Thread regarding Fidelity Investments layoffs

@ah, Grade 5, IP or SP- ?

@a6 fidelity india headcount has gone DOWN over the past years. No net new reqs are being approved and promotions are paused for most folks. Stop talking out of your a-s.

You don’t need to subscribe to read the article in order to read it, just put the URL in an archival link…. Scary how some of you work in tech

@a7 am an early career engineer who got riff'ed this morning. G5 mo--n

@a5 Of course. People weren't spiking the traffic here for giggles

@a9 there is around 5% RIF, customer facing phone roles are safe.

This makes me mad. It's way more than 1%.

@a4 thanks for posting the article

'The firm informed most affected employees Thursday of the impending changes, which will beef up Fidelity’s ranks of early-career engineers and trim layers of senior leadership. '

Early career engineers aka people who are lower paid but don't know the business. Well at least there will be some enthusiasm for the inane pizza parties and who knows - maybe these college bros can have a foosball tournament in the caf!

Duuuuude - this is like we're back in the dorm!!!!!

@a4 - Sounds like it should read "Fired 1,000 American Jobs to Hire More at Fidelity India to Save Money"

So this site was actually dead on again lol

Globe Article:

More changes are on their way to Fidelity Investments, as the financial services firm prepares to revamp its technology and product teams and hire more than 5,000 new workers, but shed roughly a thousand others, including some based in Boston.

The firm informed most affected employees Thursday of the impending changes, which will beef up Fidelity’s ranks of early-career engineers and trim layers of senior leadership. The workforce shakeup is part of broader shift in the “organizational model” of the technology and product-delivery teams, a Fidelity spokesperson told the Globe.

Those teams represent about 25,000 of the money management company’s approximately 80,000 global workers.

The changes are aimed at moving the teams away from an ‘agile’ makeup — comprising smaller, siloed squads — and toward larger teams built to move faster on projects. Come June 1, this new model will be fully in effect.

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Fidelity plans to hire about 3,300 new workers this year, the spokesperson said, about half of whom will be in tech or product-related roles. (About 2,000 of those jobs are currently open, the spokesperson added, and 400 of them are in tech/product-delivery.) The company also plans to add almost 2,000 new early-career workers, with the goal of making the tech and product-delivery teams more hands-on.

In all, that means roughly 5,300 new jobs in the pipeline for Fidelity.

But in what the spokesperson said was a “difficult decision,” Fidelity will also eliminate roughly 1 percent of the firm’s global workforce, or about a thousand workers. A small number of these workers will be from among the ranks of the approximately 6,200 Boston-based employees. (The Fidelity spokesperson declined to say on the record how many local employees would be affected, but said that “with the hiring projections, we can confidently say that we will see growth in the region.”)

“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,” the spokesperson said in a statement. “These changes are about getting the right combination of skills in place for where Fidelity and its customers need them most. This means creating more room for early career, hands-on engineering roles and streamlining management layers.”

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The announcement follows days of online chatter about layoff rumors, some of which opined about the possible role played by the rise of artificial intelligence.

The spokesperson said that in this case, AI was not part of the equation. Rather, the changes are focused on staffing employees best equipped to work on the company’s newest tech tools, such as its trading and household planning platforms.

“Fidelity is continuously improving its working model to best position ourselves to meet the evolving needs of customers,” the spokesperson added.

The announcement follows the news late last month that thousands of headquarters employees at Fidelity will be expected to return to the office five days a week starting in September, up from the current hybrid-work arrangement that brings them onsite two full weeks out of every four. (This also affected workers at Fidelity’s offices in Merrimack, N.H., Kentucky, and New Mexico, but not at its Smithfield, R.I., campus, due to spacing constraints.) One exception: In-office time for customer support phone workers will go down.

The reshuffling comes after a strong 2025 for Fidelity, led by CEO Abigail Johnson. The company counted $7.1 trillion in managed assets in 2025, up 19 percent from 2024 (though that number ticked down slightly, to $7 trillion, in the first quarter of this year). It also grew its revenue significantly in 2025, to $37.7 billion, up 15 percent from 2024.

“Throughout the company’s history, our investments in technology have fueled our growth and customer service capabilities,” Johnson wrote in a letter included in the company’s annual report. “We will continue to prioritize technology initiatives that help us advance digital capabilities, simplify our technology ecosystem, and protect the firm and our customers.”

Fidelity underwent a major hiring spree in light of the COVID-19 pandemic and its ensuing financial turmoil. The firm has roughly doubled in size since 2019, when it reported employing more than 40,000 people. But there have also been trims: In 2024, Fidelity cut about 700 jobs.

The changes also come ahead of the firm’s planned move later this year into offices at Commonwealth Pier, in Boston’s Seaport neighborhood, which it will use in addition to its current base at 245 Summer Street, near South Station.

Hmm..Manager session had 1500 number

Whatever about the broken clock.
Now this from The Bodton Business Journal:
Fidelity cuts about 1% of workforce in tech reorganization
The cuts affect roughly 1% of the company's global workforce and take effect June 1. A Fidelity spokesperson said the investment manager plans to hire 1,300 additional product and tech roles by year end.