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Monday, August 12, 2002

Fido Rumors Fly

by: Tony Pennino

Rumors are flying about the mutual fund industry as they do every day. But this week's rumors are swirling around Fidelity. The Boston Behemoth is reportedly planning to lay-off a number of its employees.

Some figures put the number to laid off at ten percent. Some a little less. In October, Fido laid off 760 workers.

A spokesperson for the Boston firm would not rule out layoffs but would not speculate on them further. "We're an actively managed business. We have to factor in the effects of the market on our business, regardless of whether it is a good market or a bad one. And we are certainly not immune to the effects of a bad market. Managers are going to have to factor in certain decisions when they plan their budgets, but we have no workforce changes planned at this time," the official told the MutualFundWire.com.

Fidelity actually has a number of divisions, and decisions about layoffs would be made at the division level. "Different units will feel different market effects and will make different decisions," she stated.

"It serves no one's interest, especially our employees, to engage in hypotheticals," the spokesperson continued. If there were to be employment cuts, the official did state that the announcement would be polled together and released as one. 

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