Updated July 1 at 1:01pm

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.

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financial services

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

Posted:

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.

Fidelity Investments, Perry Chlan, Broadridge Financial Solutions,

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Jim_Jackson

The long view - Fidelity may close some of these offices and move employees to RI and MA.

Wednesday, July 9, 2014 | Report this
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