February 3, 2009

Fidelity starts second round of layoffs

Filed under: finance,US — 7macaw @ 3:27 pm
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Fidelity Investments, the world’s biggest mutual fund firm, will begin a second round of job cuts on Tuesday as it to seeks to reduce its work force by 7 percent.

Citing the “unprecedented worldwide economic downturn”, Fidelity said in mid-November it would eliminate another 1,700 jobs in the first three months of 2009, bringing the total planned job cuts to 3,000. The company laid off 1,300 people in its first round of layoffs in November.

Source: Reuters

December 5, 2008

Legg Mason to Cut 8%, or 200 Jobs, as Assets Fall

According to Bloomberg: “Legg Mason Inc., the Baltimore-based fund manager that has lost three-quarters of its market value this year, will cut about 200 jobs, or 8 percent of its workforce, as it seeks to lower annual expenses by $120 million.”

“U.S. money managers have eliminated more than 4,200 jobs in the past two months in response to the worst stock-market declines since the Great Depression. Fidelity Investments is dismissing 3,000 people, or 7 percent of its workforce, while BlackRock Inc. is cutting an undisclosed number of jobs.”

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