Fidelity, bucking industry firings, has a plan to hire 4,000 employees in 2023
The investment firm's hiring of mostly customer service and tech jobs is in contrast to other asset management firms, such as Goldman Sachs and Morgan Stanley, which have announced company layoffs.
At a time when many financial firms are cutting jobs in anticipation of a recession, Fidelity Investments plans to ramp up hiring. The company announced last week that it intends to fill a staggering 4,000 positions – including advisors – in the first half of 2023.
“We take a long-term view to investing in our overall workforce and our people, just as we do in our businesses,” said Kirsten Kuykendoll, head of talent acquisition at Fidelity. “We’re not only continuing to fill new roles in 2023, but we’re investing in the people who work here through our benefits, career and development opportunities. We encourage our associates to ask, ‘What’s next?’ and learn-by-doing across our company, which offers an unmatched amount of career exploration pathways.”
Fidelity’s hiring efforts are focusing on customer service and tech, the company said in a statement accompanying the release of its annual report.
- Client-facing hires(45% of open roles) include customer service representatives, financial consultants, licensed professionals, and sales and relationship management positions supporting retail, workplace and intermediary clients.
- Technology hires(18% of open roles) refer to full-stack software engineers, data scientists, mobile/IOS engineers and architecture professionals.
- Business support functions hires(37% of open roles) include operations, client services, product management, marketing, human resources, finance, compliance and more.
Related: ‘Inflation is here to stay’: Fidelity, others pushing back against the Fed’s ‘soft landing’
The hiring plans are in contrast to other asset management firms, such as Goldman Sachs Group Inc. and Morgan Stanley, which have cut jobs. BlackRock, the world’s largest asset manager, announced last month that it intends to cut 500 employees, or around 3% of its total workforce. AllianceBernstein recently cut around 100 jobs.
Fidelity’s announcement follows a strong year for hiring in 2022 after the addition of 17,000 associates brought its Boston-based staff size to 68,000. The company said it recognizes current market uncertainty but is prioritizing long-term gains, investing in customer-facing technologies to reach millennial and Gen Z clients.
The staffing announcement comes in the wake of the company’s first takeover in more than seven years. Last month, it acquired Shoobx, a software company that helps businesses automate administration.
“The acquisition is another sign of Fidelity’s commitment to the private market and will help to satisfy an increasing demand Fidelity sees from private companies to support them as they scale and grow,” the company said. “Shoobx will join Fidelity’s Stock Plan Services business, a leading provider of equity compensation plan recordkeeping and administration services to nearly 700 companies with 2.5 million plan participants, totaling over $250 billion in plan value.”
In its annual report published last week, the company posted a record-high 2022 revenue of $25.2 billion, up 5% from the year before.
“Fidelity continues to achieve strong growth and results,” CEO Abigail Johnson said. “Our financial strength and stability allow us to make significant investments in our businesses and create value for the people we are privileged to serve.”