Fidelity to cut nearly 500 printing and mailing jobs

BOSTON Thu Jul 10, 2014 10:50am EDT

A pedestrian walks past a stock ticker at a Fidelity Investments office in Boston, Massachusetts July 31, 2013.   REUTERS/Brian Snyder

A pedestrian walks past a stock ticker at a Fidelity Investments office in Boston, Massachusetts July 31, 2013.

Credit: Reuters/Brian Snyder

BOSTON (Reuters) - Fidelity Investments, the No. 2 U.S. mutual fund company, told employees this week it will cut about 460 jobs, or 1 percent of its workforce, at its printing and mailing operations in Kentucky and Texas.

Boston-based Fidelity is moving the work to a third-party provider, Broadridge Investor Communications Solutions, the company said in a statement issued on Thursday.

Fidelity said it decided to outsource the work because more customers are receiving their statements and other investment-related materials electronically.

(Reporting by Tim McLaughlin; Editing by Dan Grebler)

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