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Tuesday, December 14, 2021

So Much For Back to the Office, At Least For This Titan

News summary by MFWire's editors

One of the biggest mutual fund firms has reversed its office reopening plans, at least at its home base and two other big locations in that part of the country.

Abigail "Abby" Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
On Friday, Fidelity Investments [profile] closed three key offices — its headquarters in Boston, Massachusetts, plus its Merrimack, New Hampshire and Smithfield, Rhode Island complexes — to non-essential personnel according to reports in Bloomberg, the Boston Business Journal, the Boston Globe, and Reuters. Yet certain workers, such as those in facilities management or security, will still be allowed in to those three offices.

Fidelity has more than 52,000 employees around the world, though the majority of them are in the U.S., and about 5,400 are in its home state of Massachusetts alone. Prior to the office closures, hundreds of employees had reportedly been going in to the three now-closed offices as part of the Boston Behemoth's voluntary return-to-office program. That program is continuing in other parts of the country.

A Fidelity spokesperson pointed to "rising COVID risk scores" as a reason for the recent office closures. Per reuters, COVID-19 hospitalizations in Massachussets jumped 58 percent in the past two weeks. 

Edited by: Neil Anderson, Managing Editor

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