News Update: Fidelity Investments Slashed 10,000 Jobs Globally Since 2007

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Uploaded by on Jun 8, 2010

A report in The Boston Globe Tuesday said that Fidelity Investments has cut 10,000 jobs globally since 2007, to a staff of 37,000.

Fidelity did not reveal where the job cuts were made, but company officials did say that there were no layoffs in the customer service or investment research areas.

The company's 2009 operating profit rose 5% to $2.5 billion, even though revenues fell 11%.

Fidelity has hired over 1,000 new staff members in 2010 and The Boston Globe reported that Fidelity's CEO Edward Johnson wrote in an annual shareholders' letter this year that "Cutting fat is one thing; cutting muscle is quite another."

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