Fidelity to Fire 7% of Workforce

http://www.employmentcrossing.com Fidelity Investments, the world's largest mutual fund company, has announced it will cut a further 1,700 jobs, on top of 1,300 already announced, Reuters reports. Boston, Massachusetts-based Fidelity laid off 1,300 people last week in a first round of cuts. With second round, the company will shed about 7 percent of its staff. The second round of cuts is to come in the first quarter of 2009. The privately-held company's executives have not yet decided where the latest round of cuts will be made. Fidelity, one of the largest employers in Boston, is undertaking its biggest job cuts in six years, as investors pull record amounts of money from mutual funds. Financial companies around the world have cut jobs as the economy deteriorates. Citigroup plans to shed about 10 percent of its global workforce, according to a Reuters source.