Fidelity’s Abby Johnson Tightens Grip on Far-Flung Family Empire

The news quickly spread through Fidelity in London: Abigail Johnson, heir to the US fund giant founded by her grandfather, was tightening the screws on the family empire.

Anxious employees at Fidelity International, a globe-spanning business based in Bermuda and run out of London, began eying the door. Soon dozens were getting nudged out. Then the face of the operation, Chief Executive Officer Anne Richards, resigned.

Abigail Johnson at the Greater Boston Chamber of Commerce annual meeting in May 2022.

Photographer: Barry Chin/The Boston Globe/Getty Images

Finally, on March 6, the hammer fell: Fidelity International began culling 1,000 jobs, nearly one out of every 10 employees.

The job cuts may only be the start. Johnson has started seeding ...