Fidelity Dismisses Hundreds of Workers, Axios ReportsBy
Mutual-fund giant Fidelity Investments let hundreds of employees go Tuesday, according to a report by website Axios, which didn’t say where it got the information.
Adam Banker, a spokesman for the Boston-based firm, responded in an e-mailed statement that the company doesn’t comment about hiring or reductions.
"From time to time, our individual businesses may be making adjustments to their staffing levels; some may be adding employees while others may be reducing," Banker said in the statement. "We currently have hundreds of open positions that we are recruiting for nationwide."
Fidelity, a company that made its reputation picking stocks, has been trying to adjust to the wave of investors opting for low-cost index and exchange-traded funds over actively managed mutual funds.
Last month Fidelity said that more than 1,500 of its employees opted to take a buyout offer that was announced in February. The offer, which included salary and health-care benefits, was extended to 3,000 employees who were more than 55-years-old and had been with the company more than 10 years. At the time, Fidelity said it made the move to reduce costs and open opportunities for newer staff.