Fidelity to close Marlborough offices, move jobshttp://www.boston.com/business/ticker/2011/03/fidelity_to_clo_2.html
Fidelity Investments, which has cut thousands of jobs in Massachusetts over the past few years, plans to shutter its Marlborough operations by 2012 and move most of its 1,100 jobs there out of state, a spokeswoman said today.
Anne Crowley, a spokeswoman for the financial services giant, said the company will likely relocate a small number of jobs from Marlborough to its Boston headquarters. But Crowley said the vast majority of positions will be transferred to locations in other states, including Merrimack, N.H. and Smithfield, R.I.
"We have significant vacant space around the country," Crowley said, adding that it doesn't have much available space in Boston.
Fidelity said it currently has 8,400 workers in Massachusetts, down from about 13,000 in 2006, after a series of layoffs, jobs cut through attrition, and positions moved to other locations. The company has 37,000 employees worldwide.
A lot of the jobs are going to Merrimack, NH.
I would estimate that just the state income tax loss for MA from this move will be about 36 million dollars. There are rumors that a number of financial companies in the Boston area are planning to move out of state primary due to MA labor and tax laws. If anyone here is hooked into the investment industry it would be a good recruiting ground for corporate participants in the FSP. With MA's 12.5% tax on short term capital gains, it would also be a great recruiting ground for individual participants.