Fidelity Investments has fired or allowed more than 200 employees to resign over alleged misuse of workplace-benefit programs, the Wall Street Journal reported on Friday, citing people familiar with the matter. A company audit of computer-buying and physical-fitness benefit programs over the last year found misuse in offices across the country, the Journal reported.
A person familiar with the situation confirmed to Reuters that some Fidelity employees had misused the company's reimbursement benefits but did not say how many employees were involved.
Fidelity reviewed the alleged violations, and terminated the employees it found to have misused the benefits, the person added.
The company reimbursed staff for as much as 20 percent of the cost of computers and related equipment and in some cases, employees collected the company's reimbursement for equipment that they cancelled after purchase, according to the person.
"And with regard to the computer issue, there was no customer involvement and no customer impact. However, in the very small percentage of instances where we identify misconduct, we take appropriate action," Fidelity said in an emailed statement to Reuters. Fidelity Investments, commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts. It is a large asset manager with $2.4 trillion in assets under management as of December 2017. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, wealth management, securities execution and clearance, and life insurance. The company was founded as Fidelity Management & Research (FMR) by Edward C. Johnson II in 1946.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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