Fidelity starts second round of layoffs

Fidelity Investments, the world's biggest mutual fund firm, will begin a second round of job cuts on Tuesday as it to seeks to reduce its work force by 7 percent. "Today and over the next several weeks, we will proceed with the second layoff we announced last fall," Fidelity spokeswoman Anne Crowley said in an email. The cuts were previously
announced.

Citing the "unprecedented worldwide economic downturn", Fidelity said in mid-November it would eliminate another 1,700 jobs in the first three months of 2009, bringing the total planned job cuts to 3,000. The company laid off 1,300 people in its first round of layoffs in November.