Skip to comments.Fidelity to cut nearly 1,300 jobs
Posted on 11/06/2008 11:43:55 AM PST by NRG1973
Fidelity Investments is cutting nearly 1,300 jobs this month and the mutual fund company says more layoffs are coming early next year.
Boston-based Fidelity said Thursday it will lay off about 2.9 percent of its more than 44,000-employee work force later this month. The company isn't specifying which of its far-flung locations will be affected.
A second rounds of layoffs is planned in the first three months of next year. Fidelity says the number of those cuts will be determined in coming weeks.
Fidelity says the cuts are a response to global economic conditions, and unsettled financial markets.
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These people have my money....or what little is left of it. These layoffs are becoming the signal in advance of complete failure. Sigh.
OK, that makes sense. Thanks.
It may depend on pension and retirement funds. Fidelity manages some for major corporations. If the corporations go bust, what will there be for Fidelity’s people to manage? Not a darn thing.
Bingo. Some of their biggest customers and revenue generators are the major businesses whose employees have their 401Ks, IRAs, etc.. managed by them. My employers 401Ks are managed by Fidelity, including myself. I think they have done a good job and its always easy to make any changes with them.
But these layoffs are directly related to a loss of volume with all the wall street and other industry layoffs. They’re is also going to be a dramatic drop in contributions to retirement accounts as people are losing their jobs or scaling back their investing to horde more cash.