Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Fidelity to cut nearly 1,300 jobs
Associated Press via Yahoo ^ | November 6, 2008 | MARK JEWELL

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.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: layoffs; mutualfunds; wallstreet
If they know that there will be more layoffs next year, I wonder why they don't go ahead and do them this year.
1 posted on 11/06/2008 11:43:57 AM PST by NRG1973
[ Post Reply | Private Reply | View Replies]

To: NRG1973
They are waiting to see if 0bama starts the taxes and coal destruction next year.
2 posted on 11/06/2008 11:46:50 AM PST by Only1choice____Freedom (Her couch is tougher than 0bama.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRG1973

These people have my money....or what little is left of it. These layoffs are becoming the signal in advance of complete failure. Sigh.


3 posted on 11/06/2008 11:47:17 AM PST by anniegetyourgun
[ Post Reply | Private Reply | To 1 | View Replies]

To: Only1choice____Freedom
They are waiting to see if 0bama starts the taxes and coal destruction next year.

OK, that makes sense. Thanks.

4 posted on 11/06/2008 11:48:33 AM PST by NRG1973
[ Post Reply | Private Reply | To 2 | View Replies]

To: NRG1973
need to get that last government training check
5 posted on 11/06/2008 11:54:02 AM PST by org.whodat ( "the Whipped Dog Party" , what was formally the republicans.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRG1973

Obama’s Fault


6 posted on 11/06/2008 11:59:13 AM PST by DannyTN
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRG1973

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.


7 posted on 11/06/2008 12:00:03 PM PST by madison10
[ Post Reply | Private Reply | To 1 | View Replies]

To: NRG1973

Bump.....


8 posted on 11/06/2008 12:00:12 PM PST by Intolerant in NJ
[ Post Reply | Private Reply | To 1 | View Replies]

To: madison10

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.


9 posted on 11/06/2008 12:44:05 PM PST by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
[ Post Reply | Private Reply | To 7 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson