Fidelity Investments will restructure its technology and product delivery team, resulting in the layoff of 800 employees to optimize the organization.

Fidelity Investments is laying off approximately 800 employees as the company restructures its technology and product delivery teams and plans to hire thousands more, including entry-level employees. A company spokesperson said in a statement on Thursday that these changes affect about 1% of its global workforce and are intended to "align the right skill set for Fidelity's future direction." The company is looking to create more space for early-career, hands-on engineering positions and streamline its senior leadership team. Fidelity is the third-largest global asset management company and has experienced rapid growth in recent years, managing assets totaling $17.9 trillion as of the end of March. According to sources, the company plans to fill 1,300 product and technology-related positions and approximately 2,000 new early career positions by the end of the year. Over the past decade, Fidelity has increased its workforce by over 50%, with hiring in areas such as financial planning and technology. Many of these hires were made during the pandemic. Last week, the company requested that thousands of US employees return to the office five days a week starting in September, ending the more flexible policy that allowed employees to work remotely for half of the month post-pandemic. This applies to employees at its Boston headquarters as well as offices in New Hampshire, Kentucky, and New Mexico.