Fidelity ends remote work for 20,000 US employees starting September
Fidelity Investments is requiring more than 20,000 US employees to work in the office five days a week from September, ending a flexible policy that allowed staff to stay home for half the month.
The mandate hits all 6,200 of its Boston-based workers and more than 15,000 employees across New Hampshire, Kentucky and New Mexico, with only phone-based customer service staff spared.
It marks a dramatic shift for Fidelity, which had been one of the more lenient holdouts in finance when it came to remote work. Until now, employees were only required to come in for one full week twice every four weeks - a system that gave them far more flexibility than rivals.
But bosses have now pulled the plug.
'Fidelity's belief is that being physically together creates more opportunities for a meaningful associate experience filled with connection, mentorship, and learning,' a spokesperson said.
The move puts Fidelity in line with a growing wave of Wall Street firms tightening the screws on remote work. JPMorgan Chase last year ordered all employees back to the office five days a week, while Citigroup and others have steadily increased in-office requirements.
Even Boston rivals such as State Street and Wellington Management already expect staff in four days a week. Fidelity, which manages a staggering $7.1 trillion in assets, had stood apart - until now.
The timing of the crackdown is no coincidence. It comes as the firm prepares to open a huge new office complex in Boston's Seaport District, part of a sprawling redevelopment project years in the making.
The waterfront site will feature around 650,000 square feet of office space alongside shops and a public plaza, with the first wave of employees set to move in later this summer.
At the same time, Fidelity is keeping its existing 800,000-square-foot headquarters near South Station - abandoning earlier plans to rent it out.
The reversal means the company will occupy both buildings, ensuring it has enough space for a full-time office workforce.
The decision is a major boost for downtown Boston, where nearly a quarter of office space currently sits empty and foot traffic has struggled to recover since the pandemic.
City data shows Fidelity has quietly expanded its local workforce by 24 percent since 2016 - making it one of the area's most important corporate anchors.
Not all workers will be affected immediately. Employees in some locations, including North Carolina and Rhode Island, are exempt for now as the firm looks to secure additional office space.
But senior staff won't get a pass. All executives at vice president level and above will be required to be in the office five days a week from September - regardless of where they are based.
Senior employees in India and Ireland will also be swept up in the new rules, signaling that Fidelity's return-to-office push is going global.
