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.