Web site: Fidelity plans cuts
A Web site for mutual fund news has reported that Fidelity Investments plans to cut 4,000 jobs nationwide, or nearly 9 percent of its work force, an estimate that the company called “purely speculative.”
The Web site Ignites.com said the investment company will lay off some 1,500 employees before the end of the year and another 2,500 early next year. The report, published Monday, cited several unnamed sources familiar with the situation. It said Fidelity has been “hit hard” by the ongoing market turmoil.
It did not speculate how many of these layoffs might affect southern New Hampshire, where Fidelity is one of the largest private employers.”In extraordinary times like (these), I would assume every business in every industry is taking a prudent review of their costs and looking at whether they have aligned their resources prudently,” spokeswoman Anne Crowley said, according to Web site. “I will not comment on what may or may not happen in the future.”
The Telegraph’s attempts to reach Fidelity were not successful.
Boston-based Fidelity employs about 5,500 at its Merrimack campus, which it opened in 1996 after purchasing property at 2 Contra Way from 1980s computer giant Digital Equipment Corp.
The company employs a total of about 45,000 people nationwide through 11 facilities in the United States and Canada.
The Merrimack campus saw a round of layoffs as recently as June, although the company declined to say how many jobs were lost. Crowley told The Telegraph then that the layoffs resulted from a restructuring of customer service divisions.
Months earlier, a Fidelity employee who did not want to be named said between 100 and 200 customer service employees were notified their jobs would be transferred to a new facility in Albuquerque, N.M.
According to Ignites.com, the June layoffs were one of at least three rounds of job cuts for Fidelity in the past 12 months that eliminated a total of about 1,000 employees from the payroll.