Fidelity to cut 1,300
Fidelity Investments announced plans to lay-off 2.9 percent of its employees later this month. The financial giant employs 44,400 employees in its business units.
A second lay-off is scheduled for early next year, but how many jobs will be shed in that round has not been finalized. Fidelity is one of Greater Cincinnati’s largest employers, with several offices in the area. The company didn’t specify where the cuts would come from.
Fidelity executives attribute the cutbacks to global economic conditions, the unsettled stock markets, and the need to position the company to better take advantage of opportunities in a rebounding business climate companies making payday loans.
Fidelity Investments is the largest provider of workplace retirement savings plans with custody of $3.0 trillion in assets. The company also provides benefits outsourcing services to 24 million employees and is the largest purveyor of mutual funds in the United States.