Fidelity To Cut 1,700
Boston-based Fidelity Investments, which has significant operations in Central Massachusetts, will eliminate 1,700 jobs early next year in a second round of cuts at the largest U.S. mutual fund company, which has seen its money management fees decline along with the markets.
Combined with 1,300 cuts that Fidelity announced last week, the second round disclosed Friday will eliminate about 7 percent of the company’s work force of about 44,400, said Anne Crowley, a spokeswoman for Boston-based Fidelity.
Details on which jobs are to be cut in the second round haven’t been worked out. But the cuts will be spread roughly proportionally across Fidelity’s operations, with the reductions occurring sometime in the first three months of next year, Crowley said.
In the first round, which is taking place this month, layoff notices began going out earlier this week, affecting management positions as well as lower-level jobs at privately held Fidelity. No fund managers or investment analysts are being laid off in the first round. Crowley said Friday it was too early to say whether that would be the case in the second round. (AP)
WBJ Web Partners
Most Recent
Most Recent
0 Comments