Fidelity Investments to cut 1,700 more jobs

NEW YORK (Reuters) - Fidelity Investments, the world's biggest mutual fund company, told employees on Friday it will cut a further 1,700 jobs on top of 1,300 already announced.

Boston-based Fidelity had laid off 1,300 people on Wednesday in a first round of cuts. With these two rounds, the company is shedding 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, said spokeswoman Anne Crowley.

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 Inc (C.N) plans to shed about 10 percent of its global workforce, a person familiar with the matter said on Friday. A Citigroup spokesman declined to comment.

(Reporting by Elinor Comlay; Editing by Gary Hill)