Fidelity Investments announced today that it has cut 760 employees, about 2% of its workforce. The reductions, from several of the companys business units, are not "across-the-board," but rather were made independently by each unit, according to the firm.
Consequently, the cuts were different for each business units. The largest were in Fidelitys brokerage unit, which cut 382 or about 3.6%, its retirement services cut 94 positions, or about 1%, and its institutional services unit cut 70 positions or about 4.9%, according to a company spokeswoman. No fund managers, analysts or traders were laid off.