Fidelity plans to lay off 1,300 workers

As part of a cost-reduction program, Fidelity Investments plans to reduce its workforce in November by 3% -about 1,300 jobs- and conduct a second round of layoffs early next year. It is estimated that Fidelity, which has $1.24 trillion in mutual fund assets, had net redemptions of $5.8 billion in October fueled by investor concerns over the state the mutual fund industry.