“Why Fidelity’s Expansion in Salt Lake City Marks Another Step in the Shift to Remote Work”

Fidelity Investments Expands in Salt Lake City

Fidelity Investments, one of the largest asset management firms in the United States, has announced plans to hire 300 new employees for its digital and technology division in Salt Lake City, Utah. This move is part of Fidelity‘s continued aggressive hiring strategy, which is in stark contrast to the recent trend of job cuts in the asset and wealth management sector.

Hiring Spree Amidst Industry Job Cuts

The COVID-19 pandemic accelerated the shift towards digital and remote work, and many companies have been adapting to this new reality by reducing their physical office space and cutting jobs. Major banks and financial firms, such as JPMorgan, Morgan Stanley, Bank of America, and Goldman Sachs, have been trimming their ranks in recent months.

However, Fidelity has bucked this trend by continuing its aggressive hiring strategy. In 2020 and 2021, Fidelity brought on 23,800 new hires, and in 2022, the firm continued with its hiring spree by adding 17,000 new employees, according to its annual report. In the first half of 2023, Fidelity plans to hire an additional 4,000 new people, including the 300 new positions in Salt Lake City.

Impact on Salt Lake City and the Industry

The addition of 300 new jobs in Salt Lake City will bring Fidelity‘s total number of employees in Utah to over 3,100. Fidelity has been a major employer in the state for over 30 years, and this expansion will further solidify its position as one of the largest private employers in Utah.

The continued hiring spree by Fidelity is indicative of the importance of technology and digital capabilities in the asset and wealth management industry, as well as the organization’s focus on staying ahead of the curve in adapting to digital and remote work.

Conclusion

As the world continues to evolve and adapt to new technologies and work models, firms like Fidelity are leading the way in embracing change and staying ahead of the curve. By expanding its workforce in Salt Lake City, Fidelity is not only supporting the local economy but also positioning itself for continued growth and success in the years to come.

Advice to other financial firms: reevaluate your hiring and technological strategies to adapt to the changing landscape and stay competitive in the industry.