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Article: Fidelity cuts, not deep.(Business)
- Article from:
- The Boston Herald
- Article date:
- October 31, 2001
- Author:
CopyrightCOPYRIGHT 2001 Boston Herald. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Fidelity Investments slashed 760 jobs yesterday, or 2.3 percent of its work force, bowing to the pressure of a slowing economy that has pummeled the financial services sector for 18 months.
But the cuts at the country's biggest mutual fund firm were not as deep as some had expected.
"It's a surprisingly low number," said longtime Fidelity watcher James Lowell, editor of Fidelity Investor. "It suggests the business managers at Fidelity, in sharp contrast to the fund managers, are more optimistic about the near-term economy and the markets' recovery."
Along with 341 Boston jobs, 54 of those cut were in Marlboro, meaning Fidelity fired about 2.7 ...