Fidelity Investments will cut 3 percent of its nationwide work force

Fort Worth Star-TelegramNovember 7, 2008 

Fidelity Investments will cut an unspecified number of North Texas jobs this month as part of a nationwide move to trim about 3 percent of its 44,000 employees.

"We haven’t finalized our communications" with affected employees, spokeswoman Anne Crowley said, adding that employees will receive severance packages and outplacement assistance for three months. "They are going to remain on the payroll through December. They just won’t be here."

The company moved into its 300-acre Westlake campus in early 2001 with about 1,700 workers and planned to boost that to as many as 5,000.

Instead, a three-year bear market that hit investment markets after 2000 caused job cuts at Fidelity in 2002, but the company resumed its growth when the markets rebounded in 2003.

Crowley said Fidelity has about 4,400 employees in North Texas, including the Westlake facility and about 400 at an Irving call center. It also operates several retail storefronts in the area.

A January Star-Telegram report on the company placed the number of employees at the Westlake regional headquarters at about 2,700.

Crowley said the move will include some "delayering of management."

Read the complete story at star-telegram.com

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