Fidelity Investments, the largest mutual fund manager in the US, has cut 760 jobs, or 2.3% of its workforce, following the downturn in the market.
Fidelity, which has $813bn (€903bn) in assets under management, blamed the job losses on volatility of the equity markets and the general economic slowdown.
In a statement, the firm said: "While every lost job is regrettable, we are fortunate that we have been able to avoid the much deeper cuts experienced by other corporations this past year."
The job cuts were spread around three US business units. Fidelity's brokerage unit cut 3.6% of its workforce, while its institutional retirement business was cut by 1%. The largest job losses were made in its intermediary company, which was cut by 4.9%.
The firm said that no traders, fund managers, or analysts lost their jobs.