Fidelity Investments is set to bring on 4,000 new employees this year as other asset managers are slashing employee numbers.
Key Details
- Fidelity Investments is hiring 4,000 new employees over the next four months.
- The company says it is prioritizing long-term gains amid the current “market uncertainty” facing the asset-management sector.
- The company had a record hiring year for 2022 and currently has around 68,000 employees.
- Rivals in the industry have been cutting employees, including the world’s largest asset manager BlackRock, which recently announced it was planning to cut about 500 employees—or about 3% of its total workforce.
Why it’s news
The tech sector hasn’t been the only market facing large amounts of job cuts; the asset-management industry has also been placing pauses on hiring and slashing large amounts of employees.
The world’s largest asset manager BlackRock recently announced that it was cutting about 3% of its total workforce or about 300 employees. AllianceBernstein also recently cut employees, letting go of about 100 workers, according to Bloomberg.
Despite its competitors letting workers go, Fidelity Investments had a record hiring year in 2022 and is planning to add around 4,000 employees to its workforce in the next four months.
The company says it understands the current “market uncertainty” facing the asset-management sector but is choosing to prioritize long-term gains.
“The new roles this year will be concentrated in customer service and technology to elevate digital capabilities and provide more ways for customers to do business with Fidelity,” says the company.
Adding employees isn’t the only way the company has been expanding recently. Fidelity acquired its first business in over seven years last month, taking over software company Shoobx.