Fidelity Investments lays off 700 employees, first layoffs since 2017

Fidelity Investments cut about 700 jobs this week, its first layoff in seven years. A Fidelity spokesperson said in an emailed statement Friday that the move affects less than 1% of its employees. The company had about 74,000 employees at the end of last year. "This decision positions us to better meet the changing needs of our customers, even during periods of growth, and ensures we remain competitive in the coming years," the spokesperson said. Fidelity is still hiring, with nearly 2,000 open positions in "critical business areas," according to its statement. (Bloomberg)