Fidelity Investments, of Boston, announced that it is cutting 1,695 employees, or more than 5% of its workforce, in what was a widely expected, cost-cutting measure. Fidelity, the nation’s largest mutual fund company, said the cuts will reduce the company’s roster to roughly 29,300.

Rumors of the layoffs at Fidelity have been circulating recently, with some analysts predicting that the firm might cut as many as 10% to 15% of the workforce, including some fund managers and analysts.

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