"Fidelity in new round of layoffs; Fund giant's action is the 3d since November" by Ross Kerber, Globe Staff | June 5, 2008
Fidelity Investments confirmed yesterday that it has undertaken another round of layoffs, the third at the Boston mutual fund giant since November under a new president who has stressed cost controls....
Workers were told Tuesday if their jobs were being eliminated.... Employees being let go mainly worked in two units: Fidelity's personal and workplace investing division, which operates retirement savings plans like pensions and 401(k)s for other companies, and its human resources services division that companies hire for tasks like payroll operations.
A number of corporate human resources jobs also will be cut....
So where are they being outsourced to?
No cuts were made at Fidelity's core money management unit, which operates its mutual funds. Retirement savings dollars have continued to stream regularly into those accounts, sparing the industry from the wave of layoffs that has struck many other financial services sectors in the worldwide credit crunch since last year.
How come these money-movers haven't been affected by the meltdown, huh, readers?
Playing with OTHER PEOPLES MONEY and SHUFFLING PAPERS, huh?
Question: Is there anything America MAKES anymore?
In Washington, a fund industry trade group, the Investment Company Institute, said it doesn't have figures for 2008 so far but said the industry added 21,000 workers in the three years ended Dec. 31, 2007, finishing at a record high of 168,000 people. Other major Boston investment companies including MFS Investment Management, and Putnam Investments also say they haven't had layoffs this year.
Operationally, Fidelity has been on a tear, with 2007 pretax income rising 22 percent last year to $2.2 billion, and its mutual fund performance improving.
But WE GOTTA CUT COSTS!!!!
Readers, WHEN does the UNRESTRAINED GREED END?!?!
And how about this slanted, pro-corporate media coverage, huh?
Fidelity is much larger than the other Boston firms, however, and has expanded aggressively into business areas with lower profit margins.
As if they aren't making money? Or ENOUGH money?
Not only are the greedy corporations detestable, but so are the slavish press whores.
In a companywide memo last fall distributed shortly after his arrival, Fidelity president Rodger A. Lawson emphasized the need to keep costs under control as a way to maintain competitive pricing.
Even though Fidelity is ON TEAR!!
Are you on a tear this year, Americans?
Crowley said this week's layoffs weren't the result of a companywide directive, but rather were made by divisional leaders as part of a restructuring that took place last year, which created the two divisions where the bulk of the layoffs are occurring....
Translation: This is ALL part of the PLAN!!!!!
In all, Fidelity now has about 12,000 employees in Massachusetts. In recent years it has been growing in other states. It still lists several hundred open positions on its website.
In February, Fidelity said it would lay off 250 people following the restructuring that created the personal and workplace investing units. In November it sent layoff notices to about 200 people.
In April, BostonCoach, the limousine company Fidelity controls, cut 45 jobs as it closed a call center in Everett and switched its business to a Canadian call center operator."
America, when are you going to get your heads out of that LYING government, business and MSM SHIT PILE?
