MutualFundWire.com: Fido Puts a Number on Latest Layoffs
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Friday, June 06, 2008

Fido Puts a Number on Latest Layoffs


The Boston Globe's Ross Kerber has put numbers on the Fidelity layoffs, which were first reported on Wednesday, and the cuts aren't only in the Merrimack office. Fidelity spokeswoman Anne Crowley told Kerber that about 550 people in total will be laid off, about 70 of those are in Massachusetts. Most employees that are being let go worked for the personal and workplace investing unit.

The 550 jobs that will be axed represent about one percent of Fidelity's total workforce of 46,000.

If you still dream of working for Fido, don't despair. Crowley told Reuters that Fidelity is still hiring saying, "We are continuing to hire, and we have several hundred open requisitions throughout the company for which we are continuing to hire."

The layoffs began last November as part of new president Rodger Lawson's restructuring plan. In September of last year, Lawson issued a memo to Fidelity employees saying that he planned to "curb expenses where they are wasteful."


Printed from: MFWire.com/story.asp?s=18448

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