US based farm Fidelity has taken a sharp decision to cut short its workforce approximately from 700 positions. This significant and bold move will mark company’s first reduction in staff since 2017, affecting less than 1% of its employees.

The company has been working with a remarkable workforce of 74000 by the end of the previous year, and this strategic move will underscore the current position of the company.

One of the spokesperson of the farm said, "While difficult, this decision better positions us for the evolving needs of our customers, even during times of growth, and ensuring we remain competitive for years to come."

Along with the laying off session, the employees also witnessed a reshuffling of its senior management team. The Chief Executive Officer, Abigail Johnson has appointed Maggie Serravalli as the new Chief Administrative Officer and promoted Kevin Barry to take over as the Finance Chief. This strategic move is the part of company’s broader strategy to adapt to the changing financial landscape and meet the growing demands of its clientele.

According to the company’s statement, the firm, with $12.6 trillion of assets under administration, is still hiring and has almost 2,000 open roles for “critical business areas. The company is continuing to upscale its financial growth by boosting $12.6 trillion of assets under administration.

Till now, Fidelity International manages funds for more than 2.81 million clients across more than 25 countries. According to the report of Bloomberg, Black Rock has laid off around 600 employees globally, or about 3% of its workforce, in January.

The company spun off their investment process in 1980, and it has also declared to reduce its global workforce by about 1,000 jobs this year.

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