Fidelity Investments to expand workforce by 4,000 in first half of 2023

(Reuters) – Fidelity Investments is planning to increase its headcount by 4,000 in the first half of this year, a spokesperson for the asset manager said in an emailed statement on Thursday.

The hiring plans, which were first reported by Bloomberg News, are in stark contrast to most other financial firms such as Goldman Sachs Group Inc and Morgan Stanley that have cut jobs to prepare for a potential recession.

Fidelitys announcement follows a strong year for hiring at the Boston, Massachusetts-based company, after the addition of 17,000 associates brought its headcount to 68,000.

In its annual report published on Wednesday, the company posted a record-high 2022 revenue of $25.2 billion, up 5% from the year before. Operating income of $8 billion was 1% lower than 2021.

(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)