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Rating:A 'Help Wanted' Sign Hangs at Fido Even As it 
Lays Off Workers Not Rated 0.0 Email Routing List Email & Route  Print Print
Sunday, March 22, 2009

A 'Help Wanted' Sign Hangs at Fido Even As it Lays Off Workers

Reported by Armie Margaret Lee

In the Saturday edition of The Boston Globe, Ross Kerber noted that Fidelity is adding analysts and other investment professionals even as it implements previously announced layoffs across the company. Those affected by the cuts include 46 employees at the FMR Co. mutual fund unit, Kerber reported, describing the FMR layoffs as the "deepest cuts in memory at the unit."

In November, Fidelity laid off 1,300 workers across the firm (see The MFWire, 11/12/08) and last month began the second round of layoffs affecting 1,700 employees (see The MFWire, 02/03/09). The two rounds of cuts affect roughly 7 percent of the company's workforce of 44,400.

At FMR, the 46 employees laid off included 11 traders, Kerber reported, citing an internal memo.

Meanwhile, Fidelity continues with its strategy of bulking up its analyst team. From around 300 analysts in 2005, Fidelity currently has more than 500 and it has analyst job offers to about 30 people at colleges and MBA programs, Fidelity spokeswoman Anne Crowley told Kerber.

Crowley did not provide details about their role, but Kerber spotted some clues in Fidelity's recently issued annual report for 2008. In that report, Fidelity discusssed how it "remained committed to fundamental research" such as growing its London office. The company also mentioned plans to hire more investment professionals in Hong Kong and Tokyo. In addition, it plans to open a Miami office. 

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