Fidelity’s enterprise cloud computing group has been hit by job cuts following a leadership shuffle

This story requires our BI Prime membership. To read the full article, simply click here to claim your deal and get access to all exclusive Business Insider PRIME content. Fidelity Investments has cut roles in its enterprise cloud computing (ECC) unit, according to two people familiar with the matter. The privately held firm’s unit told employees…

Fidelity’s enterprise cloud computing group has been hit by job cuts following a leadership shuffle

This story requires our BI Prime membership. To read the full article,

simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.

Fidelity Investments has cut roles in its enterprise cloud computing (ECC) unit, according to two people familiar with the matter. The privately held firm’s unit told employees that they could either try to find other positions internally or leave the firm, according to the one of the people. Separately, at least two senior leaders within the business line — the unit’s former head and the head of enterprise cloud computing architecture — exited earlier this year. The ECC unit builds out a central cloud solution for the firm’s different business lines. Boston-based Fidelity is one of the world’s biggest asset managers, and also has massive brokerage and retirement plan operations. The job cuts come as brokerages and asset managers have been facing intense pressures when it comes to commissions and fees. Contact this reporter at rungarino@businessinsider.com or on the secure app Signal — number available upon request — using a non-work phone.Visit BI Prime for more asset management and wealth management stories.Fidelity Investments has eliminated roles in its enterprise cloud computing group, according to two people familiar with the matter, and the move comes after the group saw senior leadership exits earlier this year. As many as 100 roles within the centralized group known as ECC were affected, and included cloud technologists and engineers, the sources said.The firm told some of the employees impacted by the ECC changes that they could either try to find positions in other internal groups at Fidelity (meaning the net number of job cuts could be lower than 100) or leave the company, according to the sources, who requested anonymity because they were not authorized to speak with the press.  Boston-based Fidelity is one of the world’s biggest asset managers, and also has massive brokerage and retirement plan operations. The job cuts come as brokerages and asset managers have been facing intense pressures when it comes to commissions and fees. The job cuts were first announced in October, one of the people said, and will be effective at the end of December. Business Insider could not confirm each location the cuts impacted. Separately, a
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