Fidelity Investments cut about 700 jobs last week, its first headcount reduction in seven years.
The move affects less than 1% of the workforce, a spokesperson for Boston-based Fidelity said Friday in an emailed statement.
The firm had about 74,000 employees at the end of last year.
"While difficult, this decision better positions us for the evolving needs of our customers, even during times of growth, and ensuring we remain competitive for years to come," the spokesperson said.
The Wall Street Journal reported on the job cuts earlier.
