Fidelity on Tuesday began the second phase of job layoffs which started last year. In this phase, 1,700 people will lose their jobs.

Before the layoffs began last year, Fidelity employed 44,000 people. With the first round of job cuts late last year, Fidelity eliminated 1,300 positions, or 2.9% of its total workforce. The latest round represents 2.9% of its workforce.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.