Fidelity cuts 2.3% of its workforce

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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: &quotWhile 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.&quot

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.