Hr Library

Fidelity International to cut 1,000 jobs globally, HR News, ETHRWorld


hr.economictimes.indiatimes.com | www.ETHRWorld.com

<p>Other fund managers are also pursuing cuts, including the world's largest asset manager BlackRock, which said in January it would cut about 3% of its workforce</p>
Other fund managers are also pursuing cuts, including the world’s largest asset manager BlackRock, which said in January it would cut about 3% of its workforce

By Selena Li and Iain Withers

HONG KONG/LONDON: Fund management giant Fidelity International is planning to cut around 1,000 jobs globally in 2024, equivalent to around 9% of its headcount, according to an internal company memo seen by Reuters.

The company, which manages $776 billion of client assets, said the job cuts were part of a broader cost reduction programme expected to save around $125 million a year.

The cuts come at a bruising time for the wider fund management industry, which has struggled to retain client cash through a period of turbulent markets and higher interest rates that have driven investors into lower-risk or passive alternatives.

Other fund managers are also pursuing cuts, including the world’s largest asset manager BlackRock, which said in January it would cut about 3% of its workforce.

The memo was signed by Fidelity International president Keith Metters, who was appointed last week to head the business and succeed Anne Richards, who Fidelity announced in November was stepping down as CEO.

The memo also said the fund manager would push out timelines on non-core projects and focus investment in areas that delivered most value to clients.

A Fidelity International spokesperson confirmed the contents of the memo to Reuters.

“In this more challenging…


Click Here to Read more /Source link

Show More

Related Articles

Back to top button