Fidelity International to cut 1,000 jobs – but it’s unclear where the axe will fall
Fidelity International is set to cut around 1,000 jobs globally, which is roughly nine per cent of its total headcount, the company announced today.
The asset manager, which span off from American giant Fidelity Investments in 1980, has its largest office in London, with the UK being its biggest market. It currently manages over $663bn.
A Fidelity International spokesperson said the job losses would be spread across “all business lines and regions”, with focus given to protecting areas around client retention and satisfaction.
Fidelity did not provide a further breakdown of the expected job losses by location.
An internal company memo, seen by Reuters, that set the job cuts in motion, was signed by incoming Fidelity International president Keith Metters, who was appointed last week to head the business and takeover from outgoing CEO Anne Richards.
Metters joined the firm in 2020 as global head of platform solutions, having previously worked at Fidelity Investments for over 20 years.
A Fidelity International spokesperson said: “In this more challenging economic environment, as any other business would, we are taking a sensible approach to evaluating our cost base to increase the efficiency of our organisation while continuing to deliver to the highest standards for our clients.
“This is to make sure we are resilient for the future given the challenging economic environment, and give us additional flexibility and agility to innovate, invest, and provide capabilities to our clients which differentiate us from the rest of the industry.”
The asset management industry has experienced a wave of job cuts recently, with Abrdn confirming it would be cutting 500 jobs earlier this year.