Report: Buyouts offered at Fidelity

FIDELITY INVESTMENTS is offering approximately 3,000 employees voluntary buyout packages, the Boston Business Journal has reported.
FIDELITY INVESTMENTS is offering approximately 3,000 employees voluntary buyout packages, the Boston Business Journal has reported.

BOSTON – Approximately 3,000 Fidelity Investments employees have been offered voluntary buyout packages, the Boston Business Journal reported Tuesday.

The newspaper reported that senior executives could receive two years or more of pay, plus extended health care insurance and other financial incentives. Offer terms depend on an employee’s length of service with Fidelity, BBJ said.

Offers were made to employees who are at least 55 years old and have worked for the company for at least a decade.

Fidelity Spokesman Vincent Loporchio told the Boston Business Journal that the buyouts will allow Fidelity to cut costs and create more opportunities for younger employees to advance their careers.

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There are no current plans for layoffs, according to Loporchio.

The financial services and investment management firm has operations in Providence and Smithfield. It employs more than 40,000 companywide, according to its website.

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