Fidelity Investments says in third round of layoffs
BOSTON, June 5 (Reuters) - Fidelity Investments said on Thursday it has axed more non-investment management jobs this week, marking the third round of layoffs at the world's biggest mutual fund company in eight months under a new president.
"It was a very small percentage of our overall work force, which is nearly 46,000," Fidelity spokeswoman Anne Crowley said about the jobs cut, which were made on June 3.
Crowley declined to give the number of jobs cut but said they mostly occurred in two units -- a division that operates retirement savings plans and another that provides human resources services. The cuts were made in multiple locations, she said.
Privately owned Fidelity cut about 250 jobs in end-January and about 200 in November. Besides the main investment management business, which has been spared the cuts, it has brokerage, retirement service and benefits-administration operations.
President Rodger Lawson, who rejoined Fidelity in mid-2007, initiated a major reorganization of its business and is making costs a big focus. Crowley said the latest layoffs are a result of the reorganization.
But Fidelity is still hiring, she said.
"We have 4,000 more people than we had a year ago. We are continuing to hire and we have several hundred open requisitions throughout the company for which we are continuing to hire," Crowley said.
Boston-based Fidelity manages $1.5 trillion in assets. (Reporting by Muralikumar Anantharaman, editing by Phil Berlowitz)
"It was a very small percentage of our overall work force, which is nearly 46,000," Fidelity spokeswoman Anne Crowley said about the jobs cut, which were made on June 3.
Crowley declined to give the number of jobs cut but said they mostly occurred in two units -- a division that operates retirement savings plans and another that provides human resources services. The cuts were made in multiple locations, she said.
Privately owned Fidelity cut about 250 jobs in end-January and about 200 in November. Besides the main investment management business, which has been spared the cuts, it has brokerage, retirement service and benefits-administration operations.
President Rodger Lawson, who rejoined Fidelity in mid-2007, initiated a major reorganization of its business and is making costs a big focus. Crowley said the latest layoffs are a result of the reorganization.
But Fidelity is still hiring, she said.
"We have 4,000 more people than we had a year ago. We are continuing to hire and we have several hundred open requisitions throughout the company for which we are continuing to hire," Crowley said.
Boston-based Fidelity manages $1.5 trillion in assets. (Reporting by Muralikumar Anantharaman, editing by Phil Berlowitz)
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