"Fidelity reported profit of $911 million on revenue of $14.9 billion in 2007.... Fidelity had an even higher profit margin for the first quarter of 2008"
And yet....
"Fidelity reportedly may lay off up to 4,000; Market upheaval hurting business" by Ross Kerber, Globe Staff | October 28, 2008
Fidelity Investments acknowledged yesterday it is studying cost cutting but declined to comment on an industry report that it plans to lay off up to 4,000 employees as plunging stock markets cut into the value of its mutual funds business.
Got a BAILOUT package for THEM, Congress?
The online trade publication Ignites.com, citing unidentified sources, reported yesterday that Fidelity plans two sets of layoffs in the coming weeks: 1,500 before the end of the year and another 2,500 early next year. A person who has spoken with Fidelity executives involved in the planning confirmed to the Globe that the firm is considering cutting up to 4,000 people.
And now to the LAST PARAGRAPH of the piece:
Fidelity reported profit of $911 million on revenue of $14.9 billion in 2007. Rating agency Moody's Investors Service said Fidelity had an even higher profit margin for the first quarter of 2008. --more--"
They must need MORE PROFIT and BIGGER BONUSES!!
That's why you getting CANNED, drone!
