Fidelity May Cut Bonuses, Merit Pay as Profits Fall

Fidelity's net profits edged down 4% last year, and they may be weak again this year, despite cost-cutting measures and laying off 3,000 workers, Fidelity President Rodger Lawson warned employees in a recent memo. As a result, the company may scale back on year-end bonuses and merit pay for those in the middle and lower brackets of earnings.

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