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BUSINESS
NOVEMBER 7, 2008

Fidelity Plans to Lay Off 1,300 Workers

Article
Comments

Fidelity Investments, citing the "unsettled nature of the world's stock markets," said it will lay off 1,300 employees, or 3% of its work force, this month and conduct a second round of job cuts in next year's first quarter.

Fidelity, the world's largest mutual-fund company, is one of several firms in its business that have announced or hinted at layoffs in recent weeks as investors pulled money out of stock funds in record amounts. Fidelity has 44,400 employees and $1.24 trillion in mutual-fund assets under management.

The belt-tightening is part of a cost-cutting strategy set out by Fidelity's president Rodger ...