Fidelity Investments to Cut 400 Printing and Mailing Jobs in Kentucky and Texas
BOSTON—July 10, 2014—A spokesman for Fidelity Investments told The Boston Globe that the company will lay off about 460 employees who print and mail documents for the company in Covington, KY, and Grapevine, TX. According to The Globe, the layoffs are expected to take place over the next 12 to 18 months.
Fidelity spokesman Perry Chlan relayed to the newspaper that the layoffs are due to the increasing use of the Internet to send information to investors.
"It wasn’t really a cost issue," Chlan commented to the newspaper. "It’s happening as a result of a significant decline in the volume of the printing and mailing of this material over the past few years."
Fidelity said that the printing of forms like account statements, trade confirmations, and prospectuses, will be outsourced.