Fidelity Layoffs February 2009 2/3/09

Fidelity Layoffs are said to be beginning this week and 1,700 are expected in total for the first quarter of 2009. As Wall Street continues to retest the October lows, there is no telling how bad the job market will get. Due out at 8:30am Friday, the Government will release the latest job loss data and unemployment figures which are expected to fall further.

Fidelity announced in the fall of 2008 that they will layoff 3,000 jobs. Of the 3,000 layoffs, 1,300 employees have already been let go as of November 2008. As stated above, this leaves 1,700 to go.

In order to stop the job losses we need to address where all this really started, the housing market. If we can get the housing market to stop going down, we will start to heal everything else. Banks will continue lending, jobs will be created, ect.

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