Fidelity Announces 1,700 New Job Cuts

The Boston based mutual fund manager Fidelity Investments has just announced 1,700 more job cuts, bringing the total to 3,000 jobs lost of its 44,000 total work force, or 7% aggregately. The new job cuts will take place threw January to March 2009. Fidelity also cut 800 jobs earlier this year. The new move is part of a cost cutting plan after serious losses as a result of the financial crisis. Click here to view commentary from Fidelity about the financial crisis.


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  • kevinrussellersel
    He was and still is searching for ways to strengthen the synergy of Sears and Kmart. Meanwhile the stock price was skyrocketing on Wall Street expectations. They played the game that Lampert did not want to. Instead, he launched a quiet assault by buying back shares of Sears Holdings. Hostile share buybacks are tough when you are playing against the hedge fund crowd, except Lampert runs one himself. He also has a lot of hedge fund friends. Together, they began to purchase huge chunks of the company at their expensive prices with large amounts of cash. Incredibly this strategy usually fidelity 401k does not work for long but Lampert has been destroying the short sellers (those who bet against him) buy forcing them out of the game - and in 2009 he personally owns well over 50% of Sears Holdings Company, and with other big time investors who believe him, 95%. Thats right, there are basically only 5% of the 120 million
  • carolynkjones
    Yes, it's cool, and useful for me
    Fidelity 401k
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