Fidelity reportedly fires about 200 for abusing employee benefit

Axed workers said to abuse benefit that reimbursed them for a portion of the cost of a computer

May 7, 2018 @ 10:37 am

By Bloomberg News

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% 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.

(More: Fidelity changing the way it charges for financial advice)

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