Fidelity plans on hiring more than 12,000 new employees by the end of the third quarter, with technologists accounting for 14 percent of that total. The financial-services giant is investing more heavily in cryptocurrency, digital trading platforms, and other technologies.
Fidelity’s hiring spree suggests that not all financial (and fintech) companies are weathering the current environment in the same way. Even as a handful of financial giants are hiring like mad, some high-profile startups are cutting back. This week, the fintech app Robinhood also announced it would lay off 9 percent of its employees, or roughly 300 out of 3,400 total. “Rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal,” Robinhood CEO Vlad Tenev wrote in a corporate blog posting about the move. (The layoff announcement drove down Robinhood’s share price, which is already significantly below its IPO levels.)
Although Fidelity has boasted of its aggressive hiring sprees over the past few years, it wasn’t the financial giant hiring the most tech talent over the past 90 days. According to Emsi Burning Glass, which collects and analyzes millions of job postings from across the country, Wells Fargo, JP Morgan Chase, Bank of America, and Citi also engaged in heavy hiring.
For those technologists interested in working in fintech, there’s a lot of up-side: you get to work on interesting problems that potentially impact millions (or billions) of people. Depending on your skill-set and specialization, the pay is also potentially spectacular.