(Wall Street Journal) -- Mutual-fund titan Fidelity Investments is expected to begin layoffs, say analysts and people close to the firm, as its new president follows through on a recent promise to tighten spending.

Several former employees say they have been in touch with managers who have been instructed to begin giving notice to employees in areas including information technology and retirement services. One person familiar with the matter said 200 employees would be notified of layoffs today.