Fidelity International To Cut 1,000 Jobs
Fidelity International is set to reduce its workforce by approximately 1,000 employees, constituting around nine per cent of its global staff, as part of its cost-cutting measures amid challenging economic conditions.
The decision, outlined in an internal memo signed by incoming president Keith Metters, will impact employees across all business segments and geographic regions throughout 2024.
Metters, recently appointed to lead the company, succeeds outgoing CEO Anne Richards. Fidelity International cites the need to enhance organisational efficiency in light of market challenges, aiming to bolster innovation, investment, and client services.
The move follows a broader trend in the asset-management industry, with firms like Blackrock, Wellington Management, and T. Rowe Price Group also implementing job cuts and reallocation of resources in response to market fluctuations and investor behavior influenced by factors such as interest rate hikes.
