Fidelity Investments to Downsize Printing Staff

Fidelity Investments, a leading mutual fund company with extensive in-house printing and mailing capabilities, plans to lay off about 400 employees in its Covington, Ky., operation, plus another 60 at its Grapevine, Texas, facility, according to The Boston Globe. The layoffs are expected to take place over the next 12 to 18 months.

Fidelity spokesman Perry Chlan told the Globe that the layoffs are due to the increasing use of the Internet to send information to investors.