Fidelity Investments of Boston announced Friday, November 14, that a
second round of layoffs will take place in the first quarter of 2009.
After the first of the year, 1,700 jobs will be cut, said Fidelity
spokeswoman Anne Crowley.
Combined with the 1,300 job cuts announced November 6, which began this week,
the second wave will bring the number of layoffs to 3,000, representing 7
percent of the fund firm’s total workforce.
No decisions have been finalized on the types of jobs being cut in 2009,
Crowley said.
The layoffs are the result of the market downturn, which has decreased the
assets managed by the fund giant, Crowley said.
As of September 30 the firm had $1.4 trillion in assets under management and
$1.59 trillion in assets under custody.
Filed by Sue Asci of Investment News, a sister publication of Workforce
Management. To comment, e-mail editors@workforce com.
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