Fidelity Is Said to Fire About 200 Workers for Abusing Benefit

Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts

(Bloomberg) -- Fidelity Investments has fired about 200 employees who were accused of abusing company benefits, according to a person familiar with the matter.

Fidelity had a program which reimbursed workers for 20 percent of the purchase of computer equipment up to $10,000. An audit found that some employees returned the equipment without reporting it, keeping the reimbursement allowance, said the person, who declined to be named.

“We have a culture of compliance and integrity at Fidelity,” spokesman Vincent Loporchio wrote in an emailed statement. No customers were affected by the actions, he said.

Many of the employees who were dismissed worked in the firm’s brokerage unit. The company became aware of the problem last year, the person said.

The Wall Street Journal reported on the employee dismissals Friday.

Fidelity, based in Boston, has more than 40,000 employees and manages $2.4 trillion in assets.

©2018 Bloomberg L.P.

Bloomberg
Stay Updated With Stock Market News on BloombergQuint
Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts