Fidelity Investments, the world’s largest mutual fund manager, said on Thursday that it would cut nearly 3 per cent of its workforce – about 1,300 jobs – this month in response to global economic conditions and unsettled financial markets.

The Boston-based company, which has 44,400 employees, said it would have a second round of layoffs in the first quarter of next year, the details of which will be finalised over the coming weeks.