Mutual Fund Firm to Lay Off 800
BOSTON — Fidelity Investments, the nation’s largest mutual fund firm, today announced plans to lay off about 800 workers with more than 70% of the cuts in its Boston area offices.
The company attributed the 10.5% work-force reduction to a slump in new stock transactions and slower money management business since the Oct. 19 stock market crash. The layoffs, to take effect immediately, include 530 workers in Greater Boston, about 150 in Dallas and about 50 in New York. The others will come from other offices around the country. The action reduces Fidelity’s nationwide staff to about 6,850.
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