Decision tied to plan to outsource printing and mailing services
COVINGTON, Ky. (Aug. 8, 2014) — Fidelity Investments is laying off approximately 400 employees from its regional office in Covington, where it currently employs about 4,000 workers.
The decision is tied to Fidelity’s plan to outsource its printing and mailing services to a third-party provider.
Fidelity spokesperson Tara Peak told The Cincinnati Enquirer that the decision to outsource the work was primarily driven by “a continued increase in electronic delivery trends and customers’ growing preference to receive information electronically.”
Boston-based Fidelity is also cutting 60 jobs from its Grapevine, Texas, location.
Peak said the layoffs will take place over the next 12 to 18 months.
Though it has not been announced where Broadridge, the third-party provider, will locate its new jobs, Peak said it is not likely to be in the Northern Kentucky region.