After an extensive review of expenses, Fidelity Investments Canada has laid off employees to cope with the economic downturn, the company confirmed on Wednesday.

“We regret having to take steps that affect valued employees, but these actions are critical to ensure our company remains financially strong,” said Fidelity spokesperson Chris Pepper.

According to news reports on Wednesday, between 50 and 60 employees were laid off, but Fidelity declined to disclose the number of cuts.

Pepper said the job cuts were part of larger cost cutting efforts that were inspired by challenges in the global economy and financial markets.

“These layoffs and other expense reduction steps we have implemented over the last several months will ensure our company maintains its strong financial status,” he said.

“We are confident our company will continue to be positioned well for the future because we have been prudent—and continue to be vigilant—in our expense management.”

In November, Fidelity Canada’s Boston, Ma.-based parent company, Fidelity Investments, announced layoffs of roughly 1,300 jobs, or 2.9% of its 44,400 employees, to cut costs. The same month, the company announced it would cut another 1,700 jobs in the first quarter of 2009, for a total reduction of 3,000 employees, or 7% of its workforce.