Fidelity Investments will layoff in the vicinity of 3,000 employees sometime this month, according to a source close to the company who wished to remain anonymous.
It is unknown what divisions will be targeted, but it is likely that the companys personal investment centers, call centers and marketing department will be hit hardest, the source said. As is the case with many firms, call volume is way down, according to the source. Also, there may be overlap within the marketing department that would lead to layoffs there, the source said.
Fidelity does not make company-wide staffing decisions, according to a company spokeswoman. Each business unit makes its own staffing decisions, however, currently there have been no layoff proposals, the spokeswoman said.
In July, Fidelity announced that 160 positions would be eliminated from the companys institutional unit ( MFMN 7/13/01).