MutualFundWire.com: Layoffs After Voluntary Buyouts? More Fido Rumors Swirl

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Wednesday, July 12, 2017

Layoffs After Voluntary Buyouts? More Fido Rumors Swirl

The Boston Behemoth may be slimming down a bit more, this time with layoffs.

Abigail Johnson
Fidelity
CEO

Fidelity [profile] "laid off hundreds of employees" yesterday, Dan Primack of Axios reports. The layoffs affected less than one percent of Fidelity's national workforce, a source tells the Boston Globe's Jon Chesto. The move comes less than two weeks after more than 1,500 Fidelity employees reportedly accepted a voluntary buyout offer extended earlier this year to Fidelity employees age 55 and up with at least ten years tenure.

Most of Fidelity's roughly 45,000 employees are in the U.S., including about 5,000 in Massachusetts (as noted by the Boston Business Journal) and about 5,700 in nearby New Hampshire (per the Union Leader). If the latest layoffs affected less than one percent of Fidelity's workforce, that means fewer than 450 employees were affected, less than a third the size of the voluntary buyout departures.

In statements to Axios, Bloomberg, the Boston Business Journal, the Boston Globe, and the Union Leader, Fidelity spokespeople declined to comment on any staffing changes while noting that the company is currently hiring to fill hundreds of open positions across the country (including in Massachusetts and New Hampshire).

Dealbreaker also chimed in on the Fidelity layoff reports.

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