Moody’s Investors Service issued a warning that recent strategic decisions by executives at Fidelity Investments, including Chairman Edward Johnson, have failed to put it in a strong position with regards to competitors and that many of Fidelity’s divisions have low profit margins. Moody’s also stressed that the future of the company is in question as 77-year-old Johnson hasn’t issued a leadership succession plan.

Although Moody’s still rates the company as investment grade, it said it might downgrade it.

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