Sept. 30, 2002 — Mutual fund giant Fidelity Investments said it will eliminate 1,695 jobs, or about 5.4% of its work force, because of the falling stock market.
The cuts were made throughout the company, but no fund managers or analysts are being fired, a Fidelity spokesman said. The latest layoffs follow the company’s announcement last October that it would cut 760 jobs, or 2.3% of its work force.
The latest layoffs come as Fidelity’s assets under management, on which its management fees are based, have fallen. The company said it was overseeing $776 billion at the end of August, compared to $883.4 billion on Dec. 31, 2001.