Fidelity said to mull major layoffs

Fidelity Investments of Boston is not disputing published reports that about 4,000 layoffs may be in the offing.

Fidelity Investments of Boston is not disputing published reports that about 4,000 layoffs may be in the offing.
The Boston Globe today cited a report from the Internet-based publication Ignites.com; which reported that Fidelity plans to lay off 1,500 of its approximately 44,500 employees before the end of the year and 2,500 more in early 2009.
The layoffs are reportedly planned for back-office staff.
While not confirming the report, Fidelity spokeswoman Anne Crowley said in an e-mail that management is reviewing its divisions due to the current “extraordinary economic times.”
“Our business leaders are currently evaluating all of their operations, company by company; division by division, to make sure they are correctly positioned for the future,” she wrote. “Naturally those reviews include an examination of all our expenditures as well as staffing.”
Fidelity is continuing to hire, Ms. Crowley noted in the e-mail. “But we are also evaluating and prioritizing our open job requisitions to ensure we are hiring in those areas that are business-critical. We are continuing to hire additional customer service representatives, while other leaders may decide not to go forward with other requisitions.”