(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 spokesperson for Boston-based Fidelity said Friday in an emailed statement. The firm had about 74,000 employees at the end of last year.
“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,” the spokesperson said.
The Wall Street Journal reported on the job cuts earlier.
Fidelity, led by Chief Executive Officer Abigail Johnson, shook up its senior management ranks last month, appointing Maggie Serravalli as chief administrative officer and elevating Kevin Barry to succeed her as finance chief.
Read More: Fidelity Shuffles Senior Management, Reports 12% Revenue Boost
The firm, with $12.6 trillion of assets under administration, is still hiring and has almost 2,000 open roles for “critical business areas,” according to the statement.
Fidelity International, which was spun off from Fidelity Investments in 1980, said early this week that it plans to cut about 1,000 jobs worldwide this year.