"The deep cuts help explain how Fidelity managed to increase its profitability last year, at a time when many companies in the investment industry were still struggling to recover.... Fidelity’s operating profit.... increased.... to $2.5 billion"
I wonder what their haul of the tax loot was.
See: Boston Bankers to Get Billions in Bonuses
Yeah, they won't tell you what bonuses were funded by your bailout, taxpayers.
"Fidelity’s Mass. workforce shrinking; Down 4,000 jobs, more than 25% drop, since ’06" by Todd Wallack, Globe Staff | June 8, 2010
Fidelity Investments has reduced its Massachusetts workforce by more than a quarter since 2006, while cutting its overall global employment by nearly 10,000 jobs over the past few years.
Some of the cuts in the Bay State came because workers were relocated to other Fidelity facilities out of state. Other jobs were eliminated through layoffs and attrition.
Fidelity’s Massachusetts workforce now stands at more than 9,000 workers, down from 13,000 four years ago. Worldwide, Fidelity employs 37,000 people, down from 46,500 at the end of 2007....
Yeah, and they are to lead the nonexistent, never happened recovery.
The general scope of Fidelity’s job erosion became evident in a Globe review of past employment figures from the company.
Since Fidelity is one of the state’s largest employers and a leader of its important financial sector, the company’s health has special significance in Boston’s standing as an investment citadel.
The job eliminations are one measure of how Fidelity has worked to improve the company’s operations over the past decade. Chief executive Edward “Ned’’ Johnson III, a devotee of Asian history and cultures, subjects Fidelity to the Japanese process of “kaizen,’’ or continuous improvement, which often means frequent adjustments in its organization.
The deep cuts help explain how Fidelity managed to increase its profitability last year, at a time when many companies in the investment industry were still struggling to recover from the economic meltdown. Fidelity’s operating profit in 2009 increased 5 percent to $2.5 billion, even as revenues fell 11 percent.....
It’s tricky to compare Fidelity to other financial firms because it runs so many businesses, and because it is privately held. As a private company, it is not required to report as much information about operations as public firms.
Though started as a mutual fund company, Fidelity now also boasts one of the nation’s largest discount brokerage units and administers retirement accounts and other benefits for thousands of employers.
Still, Fidelity’s job reductions do appear larger in scale than most competitors. For instance, T. Rowe Price cut 5.5 percent of its 5,200 workers in March 2009. Rival Vanguard Group even increased employment over the past few years, by 600 people.
Fidelity, too, is actually hiring while its overall employment numbers drop....
WTF kind of double-talking BS is that?
The company said it has also gained market share in its brokerage business, and recordkeeping and administration for retirement plans in recent years....
--more--"Related: Globe Stays Faithful to Fidelity
Why should you?
They don't, neither one of them.
Related: Hewlett-Packard to cut 9,000 jobs as focus changes
