Fidelity Investments has cut hundreds of workers only one month after 1,500 of its employees took a voluntary buyout package.
The latest cut accounts for less than 1% of its total workforce, which could represent up to 400 of its roughly 40,000 employees.
‘From time to time, our individual businesses may be making adjustments to their staffing levels; some may be adding employees while others may be reducing,’ said a Fidelity spokesperson in an emailed statement.
He noted that the firm has not ‘historically commented about hiring or reductions.’
The move comes a month after 1,500 employees exited the firm, resulting from a voluntary buyout package which Fidelity offered to nearly 3,000 employees.
The buyout package, aimed at employees 55 or older with 10 years of service or more, included four weeks of severance pay for each year of service and an option to remain on the company’s healthcare plan for 18-months without incurring additional costs.
According to the spokesperson, the company currently has hundreds of open positions which they are recruiting for nationwide. He also added that the firm’s 2016 earnings show that it is in good health and continues to grow.
Fidelity reported a revenue of $15.9 billion for 2016, an increase of 3.4% from 2015.