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Wednesday, October 29, 2008

WSJ Picks Up on Possible Fidelity Job Cuts

by: Armie Margaret Lee

In Wednesday's Wall Street Journal Fund Track column, Jennifer Levitz picked up on media reports (see The MFWire, October 28, 2008) regarding possible job cuts of as many as 4,000 at Fidelity. Company spokeswoman Anne Crowley declined to say whether cuts were in the offing, but told The Journal that the company is "very stable, and very strong, but certainly these are extraordinary times."

Crowley said that overall, Fidelity's fund flows so far this year are still in positive territory due to investors shifting their money into fixed income and money-market products. In total, through September 30, Fidelity recorded $28 billion in net deposits to its funds and so far this month, deposits were also up, according to Crowley.

Meanwhile, UK's The Times reported that Fidelity is preparing to slash 400 jobs, or 10 percent of its workforce in the UK, Europe and Asia. 

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