Fidelity To Patrick: It's Not You, It's Me

By Sarah Birnbaum

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Mar. 25, 2011
In this Nov. 6, 2008 file photo, a customer is silhouetted as he walks through Fidelity Investments in Boston. (AP)

BOSTON — Gov. Deval Patrick has confirmed that Fidelity will not reverse its decision to move 1,000 jobs out of Massachusetts — and says the investment company has apologized to him for announcing its decision when he was out of the country.

Gov. Patrick met with Fidelity officials on Thursday to discuss the company's quiet announcment, made last week, that it would close down its Marlborough office and relocate most of the workers to nearby facilities in Rhode Island and New Hampshire.  
 
Emerging from the 45 minute meeting, Patrick told reporters that Fidelity's president Abigail Johnson apologized for the way the news was handled.
 
"She was at pains to assure it was not a reflection of her own or the company’s commitment to Massachusetts or commitment to having a partnership with me or this administration, which I appreciate," Patrick said.
 
Industry watchers and some Republican lawmakers say high taxes forced Fidelity to move jobs out of Massachusetts. But Patrick says Johnson told him that wasn't the case.

“She made the point that the decision had nothing to do with the business climate here in Massachusetts. From their perspective its a real estate deal and has to do with the relative age and utility of the facilities here as distinct from the one in Rhode Island and another up in Merrimack,” Patrick said.

Fidelity executives are expected to go into greater details about the move at a state Senate oversight hearing on Tuesday. 

LAWMAKERS DEMAND ANSWERS AS FIDELITY DEPARTS

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