Projo 7 to 7 News Blog

BOSTON (AP) -- Fidelity Investments is cutting nearly 1,300 jobs this month and the mutual fund company says more layoffs are coming early next year.

Boston-based Fidelity said Thursday it will lay off about 2.9 percent of its more than 44,000-employee work force later this month. The company isn't specifying which of its far-flung locations will be affected.

Fidelity is one of the biggest employers in Rhode Island with more than 2,400 workers on a campus in Smithfield. Fidelity recently completed moving workers from temporary quarters in Providence to a new building in Smithfield.

A second rounds of layoffs is planned in the first three months of next year. Fidelity says the number of those cuts will be determined in coming weeks.

Fidelity says the cuts are a response to global economic conditions, and unsettled financial markets.

-- The Associated Press with Journal reports

 Tags  Fidelity layoffs

Comments

jim scotland said:

Way to go "Don".

Link | November 7, 2008 5:40 AM
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JD said:

How can you blame this on Don? Fidelity only has 5% of its total worforce in RI. Sounds to me like another State Employee jelous about what others make in the private sector.

Link | November 7, 2008 12:45 PM
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