Fidelity laying off 1% of workforce as it evolves operations, Boston workers return to office

Fidelity is eliminating about 1,000 jobs—roughly 1% of its 80,000 global workforce—as part of a shift to an 'evolved Technology and Product Operating model.' The company emphasized it is not cutting costs but instead restructuring to enhance efficiency, with 25,000 roles transitioning under the new framework. Severance, healthcare benefits, and career support will be provided to affected employees. The layoffs coincide with plans to hire nearly 1,300 additional software engineers and fill over 2,000 open roles, including 400 in tech or product-related positions. Fidelity is targeting early-career professionals for 2,000 new hands-on roles, aiming to streamline management layers and accelerate product development. The company cited the need to align its workforce with evolving customer demands, particularly for self-directed investors and traders. Starting June 1, all technology and product roles will operate under the new model, which includes launching a revamped web experience for active investors. Fidelity also announced Boston-based employees must return to full-time office work in September, reversing a hybrid policy introduced during the pandemic. The company will maintain its Summer Street corporate office while transitioning some workers to a Seaport campus. Fidelity’s spokesperson stated the changes are about 'getting the right combination of skills' to meet customer needs, emphasizing in-person collaboration for mentorship and learning. The company insists its workforce adjustments reflect growth, not cost-cutting, despite social media speculation. The transition marks a significant operational shift for one of the largest investment firms in the U.S.