Fidelity Investments, the world's third-largest investment manager, is mandating that thousands of its U.S. employees work in the office five days a week. This new policy, effective in September, marks a significant shift from its previous hybrid model, which allowed employees to work remotely for half of the month. The move coincides with Fidelity's expansion into new offices in the Boston Seaport District, known as Commonwealth Pier, while also retaining its existing downtown headquarters at 245 Summer Street to accommodate the increased in-office headcount.
The new mandate applies to approximately 6,200 Boston-based employees, along with staff at Fidelity's hubs in Merrimack, N.H., Covington, Ky., and Albuquerque, N.M. Managers at the vice president level and above across all Fidelity sites will also transition to a full-time in-office schedule. Customer support phone roles are exempt from this new requirement. Fidelity stated that being physically together fosters "connection, mentorship, and learning," which are crucial for its long-term success. The company previously required employees to be in the office for two weeks out of every four.
Fidelity's decision to bring employees back full-time provides a boost to Boston's recovering office market and downtown foot traffic, where nearly one-quarter of office space is currently available. The company has grown its local headcount by 24% since 2016 and plans to continue hiring and expanding its physical footprint. While some financial-services peers like State Street and Wellington Management require four days in the office, Fidelity's move aligns with other corporate heavyweights like Amazon and JPMorgan Chase, which have also implemented full-time in-office requirements. The announcement drew criticism from Boston.com readers, with about 69% opposing the mandate due to concerns about commuting costs, work-life balance, and potential employee turnover.
