Fidelity To Close Marlboro Office, Eliminate Jobs

MARLBORO (CBS) - Fidelity Investments confirmed plans Tuesday afternoon to close its Marlboro office by the end of 2012.

The firm reportedly plans to move more than 1,000 jobs from that office out of state. Some positions, although it's not clear how many, will be eliminated.

"The vast majority of affected Marlborough employees will be offered the opportunity to follow their jobs to other Fidelity locations," said Fidelity Spokesperson Vincent Loporchio in an e-mail.

Those locations include Merrimack, N.H., where Fidelity has a headquarters, and Smithfield, R.I.

Fidelity tells CBS Boston a small number of those positions will be moved to Boston and some employees will be offered jobs elsewhere in the U.S.

Loporchio tells the decision is part of a consolidation effort resulting from the recession.

Despite cutting thousands of jobs in the past few years, the privately-owned financial services company remains one of the largest in the world.