Fidelity move pays big dividend in Texas:Company brings jobs, becomes a civic force

The Boston Globe reports:

Longhorn cattle graze on the sun-scorched hills that roll through this wealthy enclave near Dallas. People love the Rangers, Cowboys, and chicken-fried steak. They’re also very fond of a financial services firm from Boston.


A decade after locating a major regional facility here, Fidelity Investments has become the largest employer - and a major civic force - in this North Texas town. Fidelity gives hundreds of thousands of dollars to charity, and its more than 3,000 employees help fuel the region’s economy.

“We are thrilled to have them,’’ said Mayor Laura Wheat. “It’s just a huge feather in our cap.’’

Westlake is one of several communities around the country where Fidelity has brought hundreds of jobs each in recent years. Other examples: Covington, Ky., Albuquerque, N.M., and the Raleigh-Durham area of North Carolina.

The expansion has come even as the company slashed employment by nearly half in its home state. Over the past five years, Fidelity’s Massachusetts employment has shrunk to 8,000 today from about 13,000.

Texas wants jobs. Can Massachusetts say that?