Layoffs Watch '17: Fidelity Cuts A Few Hundred Just To Be Safe...We Guess?

Margins require sacrifice, even if you are raking it in hand over fist.

According to Axios' Dan Primack, Fidelity Investments has laid off "hundreds of employees" today.


While it's a bit weird to see this news on the heels of significant voluntary buyouts back in February and after a 2016 in which Fidelity rather crushed it, we would do well not to forget that Fidelity is a devout worshipper at the altar of margins, so some light cost-cutting could just be seen as a low-volume blood sacrifice. And if you're displeased with the analogy of Fidelity as ancient religious zealot, we will reply that they are based in Boston.

It's also intriguing to see Fidelity doing some consequential trimming right after news that the biggest loser in mutual fund management these days might very well be Goldman Sachs who cannot stem a steady stream of outflows and has also decided to let its trading woes be solved by the application of butter.

So if you're a recently axed Fidelity fund manager, grab a case of Land O' Lakes and send it alongside your resume to:

Goldman Sachs
c/o Whoever's "The New Gary Cohn"
200 West Street
New York, NY 10282

Best of luck.

Exclusive: Layoffs at Fidelity Investments [AXIOS]


Layoffs Watch '12: Asia

The bad news is that Goldman Sachs, Deutsche Bank, UBS, and others have been making cuts and are expected to continue to do so. The good news is that not everybody is upset about it. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the equities business, with more layoffs expected in coming weeks. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs, the sources said...The Asia cuts also come at an unexpected time, when expatriate finance professionals are preparing to hunker down for the summer while their families head home for the holiday. "I'm disappointed, but in some ways I'm glad I was cut early in this round, because everyone is looking over their shoulder," said Cassandra Lister, who was recently let go as a managing director at Societe Generale in Hong Kong. "They're looking around and wondering 'Am I next?' It's a horrible work environment." Asia's Investment Banks Launch Round Of Job Cuts [Reuters]