Fidelity Investments to Cut 5% of Work Force

Fidelity Investments said it will eliminate 1,695 jobs, or 5.4% of its work force, after 2 1/2 years of falling stock prices thinned assets under management at the mutual fund company.

The job cuts come after last October's announcement that the company would trim 760 jobs, or 2.3%, of the work force.

Fidelity spokeswoman Anne Crowley said the cuts will be felt in most of the business units of the closely held Boston-based company, which has more than 31,000 workers. No fund managers or analysts will lose their jobs, she said.