More fallout from the financial crisis. Fidelity Investments has announced layoffs of almost three percent of its workforce. In Massachusetts that will likely mean cuts of between 300 and 400 hundred employees of the mutual fund giant.
In a statement yesterday, the Boston-based company said there'd be a second round of layoffs early next year. It said such reductions are driven by "Global economic conditions and the unsettled nature of the world's stock markets."
Jim Lowell joins WBUR's Bob Oakes to analyze this development. Lowell is a former Fidelity employee, now the longtime editor of the independent "Fidelity Investor" newsletter.
This program aired on November 7, 2008. The audio for this program is not available.