Fidelity To Cut Nearly 1,300 Jobs

[OhioChick]

Source: AP

Mutual Fund Company Says More Layoffs To Come

POSTED: 1:41 pm EST November 6, 2008
UPDATED: 1:49 pm EST November 6, 2008

BOSTON -- Fidelity Investments is cutting nearly 1,300 jobs this month and the mutual fund company said 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 workforce later this month.

The company isn't specifying which of its far-flung locations will be affected.

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

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

Read more: http://www.newsnet5.com/money/17922310/detail.html

[aquart]

1. My broker. This is not a good thing.

[YDogg]

6. My brother-in-law works for Fidelity. This is not a good thing.

[Ian David]

2. If "Trickle-down" really worked, the first people to be trickled-on SHOULD be...

... the people being paid to take care of the rich peoples' money.

[Psephos]

8. Fidelity takes care of way, way more middle-class money than "rich" money

You either know very little about Fidelity or you hide it well.

Meanwhile, extend your logic out there a little further...waiters who serve dinner to "rich" people should suffer...cashiers who sell clothes to "rich" people should suffer...actors who work in regional theaters patronized by "rich" people should suffer...autoworkers who build cars that are sold to "rich" people should suffer...mechanics who fix cars owned by "rich" people should suffer...builders and craftspeople who construct houses or remodel them for "rich" people should suffer...flight attendants and pilots and gate agents and baggage handlers who keep "rich" people in the air should suffer...taxi drivers who shuttle "rich" people around should suffer...local government workers, including cops and firefighters, whose paychecks depend on taxes collected from "rich" people should suffer...furniture makers who build sofas and hutches destined for "rich" people should suffer...bed and breakfast owners in picturesque locales who provide tourist lodging to "rich" people should suffer...musicians who provide entertainment for "rich" people, and piano lessons for their children, should suffer...organic and family farmers, who must charge more for their labor-intensive goods, should suffer...

We haven't even scratched the surface.

My great uncle, who was poor by anyone's standards, used to say, "no poor man ever gave anybody a job."

[dbackjon]

3. Hmm - we just switched to them...

[Psephos]

9. According to a poster above, that means you're rich

I'm jealous...

[Mike 03]

4. More of the same. Whoa. This is not going to end for some time.

Nevertheless, this actually surprises me.

[Azlady]

5. Geez, are they next? n/t

[ihavenobias]

7. K & R, to the greatest! n/t