Fidelity spokeswoman Anne Crowley dismissed the reports as mere speculation but told Reuters that executives are assessing costs to make sure they are correctly positioned for the future. Naturally, those reviews include an examination of all of our expenditures, as well as staffing.
As the stock markets have continued to tumble, mutual funds have been losing money rapidly, with all classes of mutual funds bleeding $104.4 billion in September, $19 billion of that from U.S. diversified equity funds.
This is in stark contrast to 2005 to 2007, when mutual fund companies expanded their payrolls by 21,000 workers, for a total of 168,000 people in the industry, according to the