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Rating:'Noncore Businesses Have Been a Drag' on Fidelity Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, June 28, 2010

'Noncore Businesses Have Been a Drag' on Fidelity

News summary by MFWire's editors

Financial services at Fidelity are looking good, but other businesses are a different story. That's the main thrust of an article in yesterday's Boston Globe. Todd Wallack reports, according to S&P analyst Charles Rauch, Fidelity's "noncore businesses" are "a drag on the company's consolidated profitability."

Fidelity's operating income rose from $2.4 billion in 2008 to $2.5 billion in 2009, thanks to solid results in its core financial services businesses and a reduction in headcount. Yet ProBuild Holdings, a building materials supplier, cost Fidelity $345 million in losses over six months last year, and European telecoms firm Colt Technology Group forced Fidelity to take a $410 million hit. 

Edited by: Neil Anderson, Managing Editor

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