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Finance Jobs in Rhode Island Created by Fidelity

Posted on July 7, 2009

One well-known investment company is helping to create finance jobs in Rhode Island.

Fidelity Investments has announced its plan to move 500 jobs from other locations to the company’s Smithfield location. The company currently employs about 2,300 workers in Smithfield. The new jobs are expected to pay from $50,000 to $60,000 per year.

The Smithfield operation handles a variety of tasks for the company, including direct investment, the company’s online retail brokerage operation and the company’s retirement-savings operation, which includes administering 401(k), 403(b) and other employer-sponsored retirement-savings plans.

The move is part of a reorganization effort that will involve the company’s four principal New England locations in Boston and Marlborough, Mass., Merrimack, N.H., and Smithfield. In Rhode Island, the new jobs will result in additional income tax, sales tax and other revenue.

“Fidelity has established itself as one of our most important corporate citizens,” Gov. Donald L. Carcieri. “Today’s announcement to bring 500 additional jobs to the state is welcome news, and builds on the growing financial services industry here in Rhode Island. Fidelity continues to make an investment in Rhode Island and its workforce, and I look forward to the positive impact of the company’s expanded presence.”

The new jobs should help Rhode Island’s struggling financial industry, which has remained stable as of late, but has shed many jobs since last year.

Rhode Island’s financial activities industry employed 32,200 workers during May, according to the United States Department of Labor Bureau of Labor Statistics. This is the same as during April, but a 3.6 percent decrease from last year.

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