Fidelity to cut 460 employees; R.I., Mass. unaffected

Fidelity Investments will lay off 460 employees in Kentucky and Texas over the next 12 to 18 months following the outsourcing of the company’s printing and mailing operations. More

To continue reading this article, please do one of the following.



financial services

Fidelity to cut 460 employees; R.I., Mass. unaffected

BLOOMBERG FILE PHOTO/BRENT LEWIN
AFTER OUTSOURCING ITS printing and mailing to a New York company, Fidelity Investments said it plans to cut 460 employees from printing and mailing facilities in Kentucky and Texas.
Posted 7/9/14

BOSTON – Fidelity Investments will lay off 460 employees in Kentucky and Texas over the next 12 to 18 months following the outsourcing of the company’s printing and mailing operations.

“This has no impact on Rhode Island and no impact on Massachusetts,” said Fidelity Investments spokesman Perry Chlan, who is based in Boston.

Fidelity, which has a campus in Smithfield and offices in Providence, employs about 3,700 people in Rhode Island.

About 400 of the employees losing their jobs will be cut from Fidelity’s facility in Covington, Ky., representing about 10 percent of Fidelity’s workforce in that state, while 60 people will be laid off from the Grapevine, Texas, facility.

Chlan said the company decided to outsource printing and mailing to New York-based Broadridge Financial Solutions because more Fidelity customers are receiving communications electronically, reducing the amount of mail sent out.

Calendar
PBN Hosted
Events

DEADLINE EXTENDED to Friday, October 3rd for applications for the 14th Annual Business Excellence Awards Program. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement