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Rating:Fidelity Will Cut 1,700 Jobs in Q1 Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 17, 2008

Fidelity Will Cut 1,700 Jobs in Q1

Reported by Armie Margaret Lee

Fidelity, which laid off 1,300 workers this week (see The MFWire, November 12, 2008), plans to cut 1,700 jobs in the first quarter, according to media reports. As in this week's layoffs, no fund managers or analysts would be affected by the Q1 reduction, The Boston Globe reported.

The company on November 6 announced a two-part headcount reduction, but did not state at the time how many jobs will be trimmed in the second round of cuts (see The MFWire, November 6, 2008).

On Friday, Fidelity president Rodger Lawson informed employees via video conference that the two rounds of cuts will affect a total of about 3,000 employees, or roughly 7 percent of the firm's workforce of 44,400, The Wall Street Journal reported. 

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