Fido chiefs deny sales rumors
Fidelity Investments chairman Edward “Ned” Johnson is denying a rumor that the firm is for sale.
Fidelity Investments chairman Edward “Ned” Johnson is denying a rumor that the firm is for sale.
“This sounds like a rumor put out by an investment banker looking for business. We are doing very well as a private company and have for many years. We are financially strong and moving forward aggressively against our competition in a great many areas,” he e-mailed the Boston Globe on Friday.
Both Mr. Johnson and chief executive Rodger Lawson have said that Boston-based Fidelity is not for sale, said Fidelity spokeswoman Anne Crowley.
Like other asset management firms hit by the 2008 market downturn, Fidelity announced layoffs at the firm in December.
Last fall, 1,300 jobs were cut and another 1,700 are on the chopping block for the first quarter of 2009.
Fidelity has about 44,000 employees.
It had $2.5 trillion in assets in custody, including $1.2 trillion under management, as of Nov. 30, 2008.
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