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Money Management

Fidelity Investments makes staff cuts

Fidelity Investments laid off hundreds of employees on Tuesday, two sources familiar with the matter said.

The sources did not specify the number or in which departments they were, other than to confirm that it was less than 1% of the total workforce. Fidelity has more than 40,000 employees.

Fidelity spokesman Vincent Loporchio declined to comment on the staff reduction, but said in an email: "From time to time, our individual businesses may be making adjustments to their staffing levels; some may be adding employees while others may be reducing."

Mr. Loporchio added that Fidelity is currently recruiting for "hundreds of open positions … nationwide" and is "a very healthy company that continues to grow."

Fidelity Investments had $2.21 trillion in assets under management as of March 31.