They need the dough for the IPOs:
"Fidelity cuts 400 printing, mailing jobs in Kentucky, Texas" by Jack Newsham | Globe Correspondent July 09, 2014
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.
They heard it through the grapevine, did they?
“It wasn’t really a cost issue,” Chlan said. “It’s happening as a result of a significant decline in the volume of the printing and mailing of this material over the past few years.”
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....
So this is really about putting high-priced American workers out of business, isn't it?
--more--"
At least Fidelity’s operating profit bottomed out at $2.2 billion in 2012 after being hit hard by the recession.
Is that in the fine print on your lay-off notice?
