Fidelity International to Eliminate 1,000 Jobs in Cost-Cutting Effort

Fidelity International, the investment management company, has announced plans to eliminate approximately 1,000 jobs worldwide. This move is part of a larger initiative to reduce costs and is expected to impact around 9% of its workforce. According to an internal memo acquired by sources, these changes are slated to take effect in 2024.

Cost-Saving Strategies

With about 630 billion pounds in managed assets, Fidelity International is undertaking this cost-reduction program to save roughly $125 million annually. As a part of this plan, the company will be delaying non-essential projects while concentrating on investments that add the most value for their clientele.

Industry Wide Cutbacks

The decision to scale back its workforce comes at a time when the fund management sector is experiencing significant challenges. Fidelity International is not alone in its efforts to downsize; other firms, such as BlackRock, have also recently announced job cuts in response to difficult market conditions. Volatile markets and rising interest rates have prompted investors to shift towards safer or passive investment options, impacting the industry at large.

Global Impact

The forthcoming job losses at Fidelity International will be dispersed across various business areas and geographical locations. The company operates in over 25 countries, and the reductions are expected to affect a range of positions and regions.

Fidelity, JobCuts, Finance