Fidelity cuts 300 jobs

The group, which manages £125bn worth of assets for over three quarters of a million UK investors, will make the cuts in early 2009 following a consultation period with the one-in-seven British employees affected. A spokeswoman said: "We have been reviewing our costs in light of the prevailing conditions, and unfortunately this will lead to some redundancies." The announcement comes only a few weeks after the manager sent a letter to investors to reassure them about the stock market. Fidelity has experienced net redemptions due to a loss of confidence in the equity markets but they ha...