COVINGTON, KENTUCKY (FOX19) - Fidelity Investments informed employees Tuesday that it will be transitioning printing and mailing operations facilities in Covington and Grapevine, Texas to a third-party provider.
According to Director of Regional Communications Tara Peak, the work is related to the printing and mailing of financial communication to customers, which has declined significantly in recent years due to email and electronic delivery. Fidelity Investments says the eliminations are not related to employee performance.
The Boston-based company estimates that 400 employees will be impacted by this change over the next year. Currently, there are more than 4,000 employees at Fidelity offices in Covington. Roughly 10% of the workforce in Northern Kentucky will be impacted due to this elimination.
Fidelity officials say this allows them to increase focus on the core financial services of the business.
Northern Kentucky Tri-ED is a regional economic agency for Boone, Cambell and Kenton counties in Northern Kentucky.
Dan Tobergte, President and CEO of Tri-ED, says they will be meeting with local leaders and Fidelity executives in the next 60 days "to look at ways to replenish lost positions and further Fidelity's presence in Northern Kentucky."