Fidelity Will Cut 200 to 300 Jobs This Year

Boston-based Fidelity Investments plans to cut 200 to 300 jobs this year, about 1% of its work force, as part of an effort to improve efficiency and trim expenses, the company said. The cuts, mostly through layoffs, will not be concentrated in a single geographical area. Fidelity, the world’s biggest mutual funds company, is privately held. It declined to give specific figures about cost savings or its expenses. The effort to cut costs comes after four years of rapid growth in which assets have jumped from $190 billion to nearly $500 billion and the payroll has increased from 9,000 to 24,000 people.