Fidelity Investments Cuts 400 Printing, Mailing Jobs

About 460 employees who print and mail documents for Fidelity Investments in Kentucky and Texas will be laid off, a spokesman said.

Citing increasing use of the Internet to send information to investors, Fidelity spokesman Perry Chlan said around 400 employees at the company's campus in Covington, Ky., and another 60 at its facility in Grapevine, Texas, were notified Tuesday that they would lose their jobs.

Fidelity said it would be outsourcing its printing of forms like account statements, trade confirmations, and prospectuses to Broadridge Financial Solutions. The layoffs are scheduled to take place over the next 12 to 18 months.