FIDO TO CUT 1,300 JOBS

Fidelity Investments said it will cut nearly 1,300 jobs this month, with more layoffs to come early next year, in response to declining markets that have eroded mutual-fund assets along with the fees Fidelity earns from its core business.

Layoff notices will go out to about 2.9 percent of Fidelity's overall work force of 44,400. The cuts will be spread across the company's far-flung US operations. No fund managers or analysts are being laid off, said Anne Crowley, a spokeswoman for Boston-based, privately held Fidelity.