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Bank of America Taps Fidelity For Human-Resources Work

Fidelity Investments said it has been chosen by Bank of America Corp. to provide administrative services for its human-resources operations, payrolls and benefits programs covering about 250,000 employees and retirees.

Fidelity will provide the services under a seven-year contract with Bank of America, Charlotte, N.C., which recently completed its purchase of FleetBoston Financial Corp. Fidelity began providing such services to FleetBoston earlier this year.

As a result of the Bank of America deal, and its earlier arrangement with FleetBoston, Fidelity expects to create 375 new jobs in its Marlborough, Mass., and Merrimack, N.H., operations…
Peter J. Smail, president of Fidelity Employer Services Co., called the arrangement “a significant milestone” in the company’s fast-growing benefits-outsourcing business. Fidelity, the nation’s largest mutual-fund company with about $1 trillion under management, has been making a big push in the area to make the firm less reliant on the swings of the stock market.

Source: The Wall St. Journal Bank of America Taps Fidelity For Human-Resources Work