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