Thomson Reuters
- Fidelity is planning on hiring 9,000 new US employees by the end of the year.
- The brokerage said 9% of the new jobs will be in technology, with some working on Fidelity's digital asset trading experience.
- Fidelity added 1.7 million new retail accounts in the most recent quarter.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Fidelity is planning on hiring 9,000 new US employees by the end of the year to to meet its growing customer base amid a boom in retail investing.
The brokerage firm said Tuesday that it's hiring across all job functions to meet demand from its 38 million customers. 44% of the new jobs will be in client-facing positions, while 9% will be in technology, helping to create new products like enhancing Fidelity's digital asset trading experience, the company said.
The hiring spree comes as no-fee trading and a steady bull market entices new investors to brokerage firms including Fidelity, Robinhood, and Charles Scwhwab. Fidelity added 1.7 million new retail accounts in the second quarter, a 39% year-over-year increase. Out of those accounts, 697,000 were opened by investors 35 years or younger, representing a 65% increase from the same quarter last year.
The Wall Street Journal first reported that Fidelity is adding 9,000 jobs, stating that the brokerage's total workforce is expected to grow more than 22% this year to over 60,000 employees.
"These increases come at a time when Fidelity continues to see record growth and business results across its businesses," said the company.
At the end of the second quarter, Fidelity had $11. 1 trillion in assets under administration, representing what investors held in brokerage and retirement accounts on the firm's platforms, and in its funds.