Tags: fidelity | tolerance | sexual | harassment

Fidelity's Johnson: Firm Has No Tolerance for Harassment

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Monday, 23 October 2017 02:35 PM

Fidelity Investments Chief Executive Officer Abby Johnson, facing a series of workplace harassment allegations at her firm, made it clear Monday to employees that she will act to end such behavior.

Johnson, in an video made available to the firm’s 40,000 employees, said: “We have no tolerance at our company for any type of harassment. We simply will not, and do not tolerate this type of behavior, from anyone.”

Johnson spoke after Fidelity dismissed two portfolio managers recently because of inappropriate behavior. C. Robert Chow, who worked in Fidelity’s allocation group, left the company this month amid allegations that he made inappropriate sexual comments at work, said a person familiar with the matter who asked not to be named because the information is private.

Chow couldn’t be reached for comment by Bloomberg News. A lawyer for him declined to comment to the Wall Street Journal, which earlier reported the incident.

Last month, Fidelity portfolio manager Gavin Baker was dismissed amid allegations that he sexually harassed a junior female employee, a person familiar with the matter said. The female employee is on leave, the Wall Street Journal reported earlier this month, citing an attorney for her and people familiar with the matter.

Baker, who managed the $16.4 billion Fidelity OTC Portfolio for eight years, didn’t return a request for comment from Bloomberg News. A spokesman for Baker told the Journal that the money manager “strenuously” denies the allegation and that Baker left the firm amicably. After Baker left, Fidelity made it clear that the decision to let him go was made by Johnson.

The third generation of her family to run the money management company, Johnson, 55, succeeded her father as CEO in 2014.

In the video, Johnson said the issue of harassment is extremely important to her.

“When allegations of these sorts are brought to our attention, we investigate them promptly and take appropriate action,” Johnson said, according to a transcript seen by Bloomberg News.

Johnson, in an interview with Carlyle Group LP’s David Rubenstein last month, said that the firm needed to hire more women.

“We have a real need in our business right now to recruit more women,” she said, noting that when women come into Fidelity branches, “very often the first thing they say when we’re trying to get them paired up with a rep is, ‘I’d like to work with a woman.’”

Boston-based Fidelity managed $2.3 trillion as of the end of August.

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Fidelity Investments Chief Executive Officer Abby Johnson, facing a series of workplace harassment allegations at her firm, made it clear Monday to employees that she will act to end such behavior.
fidelity, tolerance, sexual, harassment
407
2017-35-23
Monday, 23 October 2017 02:35 PM
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