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Rating:WSJ: Fidelity to Swing the Axe Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, November 01, 2007

WSJ: Fidelity to Swing the Axe

by: Armie Margaret Lee

Some 200 Fidelity employees will be notified of layoffs today, The Wall Street Journal reported. The affected areas are expected to retirement services and information technology. Fidelity currently has around 46,000 employees. The job cuts are part of a belt-tightening effort by Rodger Lawson, who became the Boston Behemoth's president in July. In September, Lawson issued a memo to employees saying that the firm must "curb expenses where they are wasteful, not only to avoid waste, but to compete-and win-against some very tough rivals in the marketplace," The Journal reported. Fidelity spokesperson Anne Crowley told the pub the firm does not comment on staffing decisions.  

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