Indicating that it is the first of at least two job cut waves to come, Fidelity Investments announced Thursday it will eliminate 2.9% of its 44,400 workforce, or 1,300 positions, by the end of the month. A second layoff, the size of which has yet to be determined, will occur in the first quarter of next year, Fidelity said.

"Global economic conditions and the unsettled nature of the world's stock markets all year long have required businesses around the globe and across all industries to examine their operations and make adjustments," Fidelity said.

Fidelity has asked its executives to review their divisions, prioritize initiatives and examine all costs "to ensure the company is well positioned for the future to provide the same superior service and quality products that the people who do business with us expect and deserve."

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