Fidelity’s Shift: 1, 000 Jobs Cut as Tech Teams Expand and Boston Staff Return

Fidelity is restructuring its global team—slashing about 1 % of its workforce (≈1,000 roles) while doubling down on technology and product talent.

The Rationale

• Evolved operating model: Focus on speeding new product development, not merely cutting costs.
• New structure: 25 000 positions will be realigned; nearly twice that number of software engineers plus thousands of other roles will be hired.
• Global workforce: 80 000 employees worldwide, with roughly 6 200 in Boston.

Those impacted will receive severance, continued health coverage, and career‑transition support.

Transition Timeline

Strategic Focus

• Accelerate projects such as a revamped web experience for active, self‑directed investors and traders.
• Align skills with customer needs, opening more opportunities for early‑career engineers and simplifying management layers.
• Current hiring: 2 000+ open positions, including 400 tech/product roles; target of adding 1 300 more by year‑end.

Office Strategy

• Main HQ: Remains on Summer Street.
• New campus: Commonwealth Pier in the Seaport will host some staff.
• Rationale: Face‑to‑face interaction enhances connection, mentorship, and learning—critical for long‑term success.