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Rating:Fido Workers Learn their Fate Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 12, 2008

Fido Workers Learn their Fate

Reported by Armie Margaret Lee

Fidelity on Wednesday sent out notices to employees that are affected by the layoffs it announced last week, Fidelity spokeswoman Anne Crowley confirmed to The MFWire. No fund managers or analysts are affected by the current layoffs.

"Most of our business heads decided to do some cuts," said Crowley.

The last day for affected employees will be Friday; they will remain on the payroll through the end of December.

Fidelity announced last week that it will carry out a two-part headcount reduction, beginning with cuts affecting 1,300 employees, or 2.9 percent of its workforce of 44,400, this month (see The MFWire, November 6, 2008). The Boston Behemoth plans to make additional cuts in the first quarter of next year, the extent of which is not yet known. 

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