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Monday, October 27, 2008

Fidelity Mulls Layoffs

Reported by Armie Margaret Lee

Fidelity Investments is reportedly considering shedding as many as 4,000 jobs but news reports vary as to which parts of the firm may be affected.

Fidelity currently has 44,500 employees.

Ignites reported Monday that the Boston Behemoth is planning a two-phased headcount reduction, which would be focused on back-office staff. Some 1,500 jobs will reportedly be shed before the year ends, and another 2,500 early next year.

The Boston Globe reported Monday evening that Fidelity is looking into trimming its headcount and that the job cuts could come from throughout the firm, including its mutual fund business.

Sought for comment on the media reports, Fidelity spokeswoman Anne Crowley told The MFWire that the company doesn't "comment nor speculate about potential business decisions that may or may not happen in the future."

She did say, however, that company executives are "currently evaluating all of their operations - company by company, division by division - to make sure they are correctly positioned for the future," adding: "Naturally those reviews include an examination of all of our expenditures, as well as staffing, to determine if they are appropriately aligned for our business needs."

Crowley said Fidelity continues to hire, but is "evaluating and prioritizing" job openings to make sure it is hiring in areas that are business critical.

She also noted that the company's current headcount of 44,500 is 15,000 more than what it was five years ago. 

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