From: Reuters
Published February 1, 2008 07:00 PM

Fidelity says lays off 250 employees

BOSTON (Reuters) - Fidelity Investments, the world's biggest mutual fund firm, has made a second round of layoffs due to the ongoing restructuring at the group and axed about 250 jobs, a spokeswoman said on Friday.

In November, Fidelity cut about 200 jobs following a restructuring initiated by Rodger Lawson, who took over as president in August. The restructuring, which did not touch its money management operations, involved combining businesses along functional and customer lines.

Privately owned Fidelity has money management, brokerage, retirement service and benefits-administration operations.

"There was some duplication and redundancies," Fidelity spokeswoman Anne Crowley said.

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The laid off workers, who were notified on Thursday, were mostly in the marketing and technology functions, Crowley said, adding fund managers and investment analysts were unaffected.

"The corporation, overall, is doing very well. We had one of our best years in 2007 and we added more than 4,500 new positions last year," Crowley said.

Fidelity employs more than 46,000 people.

"We are continuing to hire. We have several hundred open requisitions for new hires out there," Crowley said.

Fidelity has $1.6 trillion in assets under management.

(Reporting by Muralikumar Anantharaman)

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