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

"Fidelity announced a plan to reduce its global staff by about 1 % – roughly 1, 000 positions – while simultaneously expanding its technology and product teams. The company says the cuts are part of a broader “evolved operating model” aimed at speeding up new product development, not at trimming costs. Around 25 000 roles will move into this new structure, and the firm plans to hire nearly twice as many software engineers plus thousands of other positions that are already open. The global workforce totals 80 000, with about 6 200 employees based in Boston; the exact number of layoffs affecting that city remains unclear. Those who lose their jobs will receive severance, health coverage and career‑transition support.The transition begins on June 1, when all technology and product roles will operate under the new model. This change is intended to accelerate projects such as a fresh web experience for active, self‑directed investors and traders. Fidelity’s leadership stresses that the goal is to align skills with customer needs, creating more opportunities for early‑career engineers and simplifying management layers. The company currently has over 2 000 open positions, including 400 tech or product roles, and it aims to add 1 300 more by year‑end. Boston employees will return to the office full time in September, after a two‑year pause that required them to work in person twice every four weeks. Fidelity plans to keep its main Summer Street headquarters while moving some staff to a new campus at Commonwealth Pier in the Seaport. The firm argues that face‑to‑face interaction fosters connection, mentorship and learning—key elements for long‑term success. "