(Bloomberg) — Fidelity Investments cut about 700 jobs this week, its first headcount reduction in seven years.
The move affects less than 1% of the workforce, a Boston-based Fidelity spokesman said Friday in an emailed statement. The firm had about 74,000 employees at the end of last year.
“Although difficult, this decision better positions us for the evolving needs of our customers, even during periods of growth, and ensuring we remain competitive for years to come,” the spokesperson said.
The Wall Street Journal previously reported the job cuts.
Fidelity, led by Chief Executive Abigail Johnson, shook up its senior management ranks last month, naming Maggie Serravalli as chief administrative officer and elevating Kevin Barry to succeed her as chief financial officer.
Read more: Fidelity Shuffles Senior Management, Reports 12% Revenue Growth
The firm, with $12.6 trillion in assets under management, is still hiring and has almost 2,000 roles open for “critical areas of the business,” according to the statement.
Fidelity International, which was spun off from Fidelity Investments in 1980, said earlier this week that it plans to cut about 1,000 jobs worldwide this year.