Layoffs start at Fidelity

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Fidelity Investments today began its much-dreaded layoffs, as employees in Boston and across the country were informed this morning and into early afternoon that they no longer had jobs with the mutual-fund giant.

Fidelity, which is facing difficult times along with other financial services companies, last week had announced plans to eliminate about 3 percent of its jobs, or just under 1,300.

Today, individual employees were told their fates.

Most will probably leave immediately, though Fidelity has allowed them to work through Friday. They’re all being paid through Dec. 31, a Fidelity spokeswoman said.

http://news.bostonherald.com/business/gene...mp;pos=breaking

[Niels Bohr 72]

NOOOOOO! NOOOOO! Not Fidelity!

[mawilson 2,133]

NOOOOOO! NOOOOO! Not Fidelity!

"Fidelity - where engineers keep their money!"

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Most will probably leave immediately, though Fidelity has allowed them to work through Friday. They’re all being paid through Dec. 31, a Fidelity spokeswoman said.

Fidelity adds 1,700 layoffs in start of '09

Fidelity Investments yesterday detailed that its second round of planned layoffs will include 1,700 employees in the first quarter of 2009, or 4 percent of its workforce. The Boston-based investment giant let go of 1,300 people on Wednesday. Together, the layoffs will affect 7 percent of the firm's 44,400 employees, or 3,000 jobs, Fidelity said.

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Most will probably leave immediately, though Fidelity has allowed them to work through Friday. They're all being paid through Dec. 31, a Fidelity spokeswoman said.

Fidelity adds 1,700 layoffs in start of '09

Fidelity Investments yesterday detailed that its second round of planned layoffs will include 1,700 employees in the first quarter of 2009, or 4 percent of its workforce. The Boston-based investment giant let go of 1,300 people on Wednesday. Together, the layoffs will affect 7 percent of the firm's 44,400 employees, or 3,000 jobs, Fidelity said.

Well, they have to do something to justify the average loss of 35% from people's retirement fund. Most of the layoff's will be in the mailroom and some of the idiots that answer phone calls. Can bet the top paid executives will still be there. And congress doesn't want GM executives earning more than $600,000 per year to get bonuses this year? Now that's kind of mean, isn't it? Look at the great job they think they are doing.

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Most of the layoff's will be in the mailroom and some of the idiots that answer phone calls.

Spokeswoman Anne Crowley said “most” divisions reduced their headcounts.

Fidelity also focused on “delayering management,” Crowley said.