In the Saturday edition of The Boston Globe
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
11/12/08) and last month began the second round of layoffs affecting 1,700 employees
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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