Income may be somewhat lower, Lawson wrote. Last year, Fidelitys revenue fell 4% to $12.9 billion, and assets under management fell 22%.
Recent events have shown businesses face many challenges as the recession lingers, Fidelity spokeswoman Anne Crowley told The Boston Globe. While Fidelity continues to do an excellent job, our industry and the economy in which we operate have undergone many changes that have impacted companies across all industries and will continue to do so for the foreseeable future.
The merit raises typically average 15% of employees pay, and by some estimates, the cuts could save Fidelity tens of millions of dollars this year.