Fidelity International, an asset management firm, is planning to reduce its global workforce by nine percent, which equates to around 1,000 job losses. According to reports, the aim is to cut costs, increase efficiency and streamline operations. The job cuts will affect all regions and business units of the company. The expected savings from the job cuts are estimated to be about $125 million per year.
Fidelity International has over 2.8 million clients across more than 25 countries and manages assets worth over $700 billion. Its main business is to provide investment solutions to institutional investors and individual clients worldwide. The company’s offerings include mutual funds, pension funds, discretionary portfolios, and investment advisory services.
In July 2023, the firm opened its third office in Bengaluru, after Gurugram and Mumbai. The Bengaluru office was expected to add 700-800 new employees across various capabilities, including technology, operations, research support, client servicing, cybersecurity, and shared services across general counsel, finance, and human resources.
