November 12, 2008 / 5:40 PM / 10 years ago

Fidelity breaks job cut news to workers

BOSTON, Nov 12 (Reuters) - Fidelity Investments has begun breaking the news to individual employees who have lost their jobs as the world’s biggest mutual fund company reels from the deepening financial crisis.

Fidelity last week announced that it would cut nearly 1,300 jobs, or 2.9 percent of its staff, this month and plans more layoffs in the first three months of next year.

Employees whose jobs are being eliminated in this round are being notified on Wednesday, Fidelity spokeswoman Anne Crowley said.

The privately held company employs 44,400 people worldwide and has said that no portfolio managers will be affected by the moves.

Fidelity, a large employer in Boston, is one of a number of asset managers forced to cut jobs at a time investors are pulling record amounts of money out mutual funds. (Reporting by Svea Herbst-Bayliss, editing by Matthew Lewis)

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