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Fidelity fires 9% of b-to-b unit's workers

Published on .

Boston--Fidelity Investments, the world's largest fund management company, laid off 160 employees from its broker services unit. The cuts equal 9% of the unit's work force, which performs offline and online customer service for Fidelity broker clients. Fidelity competitors Putnam Investments Inc. and Janus Capital Corp. have also recently fired staff. Fund management companies and their broker clients are reeling from a slowdown in stock and fund trading.
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