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Fidelity's 2nd Round Of Layoffs Cuts 1,700

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Nov 14, 2008 7:04 pm US/Eastern

Fidelity's 2nd Round Of Layoffs Cuts 1,700

BOSTON (AP) ― Fidelity Investments will eliminate 1,700 jobs early next year in a second round of cuts at the nation's largest mutual fund company.

Boston-based Fidelity said last week that it would eliminate nearly 1,300 jobs this month in the first round, with plans to make further unspecified cuts early next year.

Together, the two rounds involve 3,000 workers, or about 7 percent of Fidelity's work force of more than 44,000.

Details on which jobs are to be cut in the second round haven't been worked out. No fund managers or investment analysts are being laid off in the first round, but company spokeswoman Anne Crowley says it's too early to say whether that would be the case in the second round.
Fidelity President Rodger Lawson said in a letter to employees that recent market volatility has hurt company revenue.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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