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Industry Spotlight > Broker Dealers

Fidelity Is Said to Dismiss Hundreds of Workers, Axios Reports

By Sabrina Willmer

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Mutual-fund giant Fidelity Investments let hundreds of employees go Tuesday, according to a report by website Axios, which didn’t say where it got the information.

Adam Banker, a spokesman for the Boston-based firm, responded in an emailed statement that the company doesn’t comment about hiring or reductions.

“From time to time, our individual businesses may be making adjustments to their staffing levels; some may be adding employees while others may be reducing,” Banker said in the statement. “We currently have hundreds of open positions that we are recruiting for nationwide.”

Fidelity, a company that made its reputation picking stocks, has been trying to adjust to the wave of investors opting for low-cost index and exchange-traded funds over actively managed mutual funds.

Last month Fidelity said that more than 1,500 of its employees opted to take a buyout offer that was announced in February. The offer, which included salary and health care benefits, was extended to 3,000 employees who were more than 55 years old and had been with the company more than 10 years. At the time, Fidelity said it made the move to reduce costs and open opportunities for newer staff.

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