Fidelity Investments is trimming its U.S. workforce by 700 employees.
On March 7, Fidelity notified those employees, who span all of the money management giant's business units, that their last day at the firm would be March 31.
Affected employees are less than 1% of the more than 74,000 workers Fidelity detailed in its annual report for 2023.
The report showed Fidelity enjoying continued growth for the year, with revenues up 12% to $28.2 billion, operating income up 6% to $8.5 billion, and both assets under administration and discretionary assets up more than 20%.
A spokesperson said in an email: "Fidelity continues to do well and has benefited from strong markets and higher interest rates, which have propelled positive business results in recent years. Our goal is to ensure we always have the right number of employees in the right roles to meet clients' needs."
The layoffs position Fidelity to meet "the evolving needs of our customers, even during times of growth," and will ensure Fidelity remains competitive for years to come, the spokesperson said.
The layoffs, meanwhile, follow a period of torrid hiring growth, with Fidelity's latest workforce total up by more than 6,000 from the previous year, with combined hiring of roughly 24,000 new associates across 2021 and 2022.
The firm is still "hiring talent in critical business areas with nearly 2,000 open roles," the spokesperson said.
The move came on the heels of reports that Fidelity International, a separate company, was laying off 1,000 employees.
