Fidelity Investments is addressing sexual harassment issues at its offices after several high level employees were forced to resign or were fired over the last several years, according to The Wall Street Journal.
The investment and brokerage firm giant has hired a consultant to review employee behavior, including behavior of employees in the stock picking and equity division, the report says.
Brian Hogan, president of Fidelity’s stock-picking division, held an emergency meeting Oct. 16 with his staff to stress the firm’s “zero tolerance policy” for inappropriate workplace conduct, including sexual harassment, according to people familiar with the meeting.
Fidelity spokesman Vincent Loporchio told The Journal that company policies “specifically prohibit harassment in any form. When allegations of these sorts are brought to our attention, we investigate them immediately and take prompt and appropriate action. We simply will not, and do not, tolerate this type of behavior.”
This came after a portfolio manager was forced to resign, a tech fund manager was fired recently, and three other portfolio managers were fired over the last six years.
According to The Journal, a 2015 internal report warned of cultural problems particularly adverse for women. Multiple employees have complained to superiors and the company’s human-resources department about sexual harassment and other abusive behavior by portfolio managers at the equity division. Those complaints have alleged disparaging remarks about appearance and sexual innuendo toward women, as well as bullying of both genders.
A June 2015 report written by a working group of female Fidelity employees was presented to senior staff in the firm’s stock-picking unit, according to The Journal. The presentation warned of a male-dominated culture at the equity unit and its detrimental effects on women in particular.