A Fidelity Investments spokeswoman says the company plans to cut more than 400 jobs in Kentucky and Texas.
Spokeswoman Tara Peak said in a statement that the company has decided to outsource work currently done at its printing and mailing operations in Covington, Kentucky, and Grapevine, Texas. She said the volume of material printed and mailed has declined significantly in recent years, with many customers now using electronic delivery services.
Peak said about 400 out of more than 4,000 positions at the Covington offices are expected to be eliminated over the next 18 months and about 60 positions would be eliminated at the Grapevine facility.
She said job eliminations likely won't take place until next year.