Fido Boosts Tech Budget by $300 Million
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Friday, July 27, 2001

Fido Boosts Tech Budget by $300 Million

Fidelity is spending $2.3 billion this year on technology to keep its edge over rivals such as Charles Schwab, reports the Boston Globe. This is a $300 million increase from 2000. Despite the slowdown in online trading, the firm is said to be adding new technology to its Web site to retain and attract customers. One of these tools was the recent rollout of PortfolioPlanner.

The New York Times now requires funds to have a minimum of $50 million in assets to have their net asset values listed in the paper. The change brings the Times in line with most other newspapers that have also recently increased the minimum size for funds to be listed.

The cutbacks keep coming. Goldman Sachs is said to be axing bonuses for 15 senior managing directors and to be readying more layoffs. The targets of the cuts will be first-year associates, according to the New York Post. It is also trimming 300 human resources staffers.

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