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Deals & People October 28, 2008
Fidelity Reviews Costs, Staffing
Fidelity Investments said on Tuesday it was reviewing its costs and staffing, Reuters reported.
Reported by Rebecca Moore
However, Fidelity spokeswoman Anne Crowley, in an email to Reuters, called an industry report from mutual fund newsletter Ignites that said as many as 4,000 jobs, or about 9% of its workforce, could be cut, “speculation.”
“Our business leaders are currently evaluating all of their operations—company by company, division by division—to make sure they are correctly positioned for the future,” she said.
The mutual fund company, which employs 44,500 people globally, has already reduced its workforce by about 1,000 jobs in three rounds of cuts in the past year, but there have been no cuts in its main money management business, according to the news report.