BOSTON (AP) -– Fidelity Investments will eliminate 1,700 jobs early next year in a second round of cuts at the nation's largest mutual fund company, which has seen its money management fees decline along with the markets.

Combined with 1,300 cuts that Fidelity announced last week, the second round disclosed Friday will eliminate about 7 percent of the company's workforce of about 44,400, said Anne Crowley, a spokeswoman for Boston-based Fidelity.
Details on which jobs are to be cut in the second round haven't been worked out. But the cuts will be spread roughly proportionally across Fidelity's operations, with the reductions occurring sometime in the first three months of next year, Crowley said.
In the first round, which is taking place this month, layoff notices began going out earlier this week, affecting management positions as well as lower-level jobs at privately held Fidelity. No fund managers or investment analysts are being laid off in the first round. Crowley said Friday it was too early to say whether that would be the case in the second round.
In a letter distributed to employees describing the initial cuts, Fidelity President Rodger Lawson said recent market volatility has hurt company revenue, leading him to conclude that ""many of the cost improvement plans which would have been phased in by our business units over the next three years need to be accelerated.""
In addition to its more than 11,000-employee Massachusetts operations in Boston and Marlborough, Fidelity has sizable offices in Florida, Kentucky, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Rhode Island, Texas and Utah.