11/28/2008 05:12 am ET | Updated May 25, 2011

Fidelity Layoff Rumor Gains Traction, But Not Confirmed

BOSTON (Reuters) - Fidelity Investments said on Tuesday it was reviewing its costs and staffing following an industry report that said as many as 4,000 jobs, or about 9 percent of its workforce, could be cut.

The world's biggest mutual fund company, which employs 44,500 people globally, has already reduced its workforce by about 1,000 jobs in three rounds of cuts in the past year, but there have been no cuts in its main money management business.

Mutual fund newsletter Ignites said on Monday that Fidelity was preparing to cut as many as 4,000 jobs in two rounds starting this quarter.

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