Fidelity is making job cuts this week, roughly a week after the firm announced a return-to-office policy across multiple U.S. locations.
A Fidelity employee, speaking on condition of anonymity, confirmed Thursday that layoffs were occurring.
Bloomberg reported that 800 cuts were taking place, while the Boston Globe said this number was about 1,000 — including some in Boston. At the same time, the Globe reported, over 5,000 people may be hired due to shifts tied to restructuring in Fidelity's technology and product delivery teams. Bloomberg put the hiring figure at several thousand.
"Fidelity is continuously evolving its ways of working to best position ourselves to meet the needs of our customers," a spokesperson for the Boston-based company told ThinkAdvisor in a statement. "This occurs even during times of growth to ensure we remain competitive for years to come. Fidelity is a strong and stable company and we are actively hiring today in critical areas."
Online message board postings include individuals saying they or employees they know were laid off from technology roles in Wisconsin and North Carolina.
Among the posts on TheLayoff.com, one user Thursday said they were laid off in an unscheduled meeting.
"Also got laid off. Tech," another user responded. "Same. Tech," added another.
The layoff site posted on X that it was seeing big traffic spikes on its Fidelity layoffs discussion page.
The asset manager and custodian — which employs more than 80,000 associates worldwide — doesn't appear to have posted Worker Adjustment and Retraining Notifications in Massachusetts, Wisconsin or North Carolina, where a user at TheLayoff.com said in a post their tech-related job had been cut.
Federal law requires employers with at least 100 workers to provide 60 days advance notice of a layoff that affects 50 or more employees at a particular site in the form of a WARN notice. While the law doesn't formally allow employers to pay workers for the 60 days in lieu of a notice, doing so effectively precludes any damages, a Department of Labor website says.
A Reddit thread also includes posts Thursday from users reporting Fidelity layoffs.
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