Fidelity to Cut 1,300 Jobs, More Layoffs To Come
The contraction continues: Fidelity Investments said today that it will eliminate about 1,300 jobs this month with more layoffs to come next year.
The firm has been hurt by Wall Street declines that have drained mutual fund assets, which in turn have diminished the fees Fidelity can charge to manage funds.
The cuts represent about 3 percent of Fidelity's workforce of 44,000.
-- Frank Ahrens
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