Fidelity International plans to cut 16% of jobs in China funds sector

Business and Finance

Reuters exclusive report Fund management company Fidelity International plans to cut 20 jobs, equivalent to 16% of its workforce, in its main China unit. The layoffs coincide with a downturn in the Chinese market and as the company cuts jobs globally.

market impact

The company, which manages $776 billion in client assets, launched a broader cost-cutting program globally earlier this month that it expects to save about $125 million by 2024 and cut 9% of its workforce.

Article tags

Topics of interest: Business and Finance

type: Reuters Best

department: Business and FinanceFinancial Services

area: Asia

nation: China

Winning type: exclusivity

Story type: exclusive/exclusive report

media type: text

Customer Impact: important national stories

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By Ali Raza

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