As Fidelity Investments’ retirement services division struggles to expand its payroll and recordkeeping services, it appears the lack of success is a factor in the departure of five high-profile executives from the unit, the Boston Globe reports.Since last year, five senior executives have left Fidelity Employer Servcies Co. (Fesco), overseen by Abigail Johnson, the daughter of Fidelity Chairman and CEO Ned Johnson. The most notable departure was that of Jeffrey Carney, who stepped down in July as president of retirement services to join Bank of America.

But the challenges that Fidelity faces in this space are actually the same that its competitors face. “The thing they’ve struggled with, and it’s the same for the whole market, is getting the competitive model,” said Marc Pramuk, vice president at outsourcing consultancy Everest Research Institute.

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