Fidelity to hire 4,000 for new roles, bucking industry’s firings

FIDELITY Investments is on a hiring binge, looking to fill about 4,000 new roles by midyear as rival asset managers winnow their staffs.

The additional positions will focus on customer service and technology, the company said in a statement on Wednesday (Feb 15). It follows a year of record hiring that brought Boston-based Fidelity’s headcount to 68,000, according to an annual report.

Other big investment companies have been trimming headcount amid economic uncertainty and softening financial markets. BlackRock announced plans last month to cut about 500 jobs, or 2.5 per cent of its global workforce. And AllianceBernstein Holding eliminated more than 100 jobs, Bloomberg reported earlier this month.

Fidelity’s annual revenue of US$25.2 billion was 5 per cent higher than in 2021, despite net flows that were more than fifth lower than they were the prior year, according to the report. BLOOMBERG