Fidelity Trimming 460 Jobs; Will Outsource Printing
BOSTON—The in-plant operations of Fidelity Investments will see their employee roster reduced by upwards of 500 printing and mailing workers following announced layoffs, The Boston Globe reported. A Fidelity spokesman told the paper that 400 positions would be eliminated from its Covington, KY, operations, with another 60 jobs lost from the Grapevine, TX, plant.
The move—slated to take place over the next 12-18 months—is in response to a "significant" decline in the volume of investor information that is printed and mailed, according to Perry Chlan, Fidelity spokesman.
Fidelity will be outsourcing its printing of forms such as account statements, trade confirmations and prospectuses to Broadridge Financial Solutions. The financial services company employs about 40,000 people worldwide.