Fidelity Investment's timely staff cuts and careful positioning of its financial service units is paying off this year and contributing to market share gains, according to the fund giant.
Last week, Fidelity President Rodger Lawson and Chief Financial Officer Robert Chersi said the company's early consolidation of business units and elimination of 3,000 jobs positioned it to ride out the market collapse and subsequent recession.
"We started going down this path before things became very, very difficult in 2008," Lawson said. "It was judgment, but it was also luck. I believe we came out more efficient. Nothing has blown up."
Lawson called it "very, very unlikely" that the company will have further significant job cuts. Additionally, he said the company's revenue through the first half of the year "is looking better than the competition."