Fidelity International is planning to cut around 1,000 jobs globally in 2024, equivalent to around 9% of its headcount

Fidelity International is planning to cut around 1,000 jobs globally in 2024, equivalent to around 9% of its headcount, per Reuters.


Global fund management giant Fidelity International is set to reduce its workforce by about 1,000 employees in 2024, constituting approximately 9% of its total headcount, as outlined in an internal memo obtained by Reuters.
The company, which oversees $776 billion in client assets, stated that these job cuts are part of a larger cost-saving initiative aimed at generating around $125 million in annual savings.
These layoffs come at a challenging time for the broader fund management industry, which has faced difficulties in retaining client funds amidst market volatility and rising interest rates that have driven investors towards lower-risk or passive investment options.
Other fund management firms are also implementing workforce reductions, including BlackRock, the world's largest asset manager, which announced in January its plans to cut approximately 3% of its staff.
The internal memo was signed by Fidelity International president Keith Metters, who was appointed last week to lead the business, succeeding Anne Richards, who announced her departure as CEO in November.
The memo also outlined that Fidelity International would extend timelines for non-core projects and concentrate investment in areas that provide the greatest value to clients.
A spokesperson for Fidelity International confirmed the memo's contents to Reuters, stating, "In this more challenging economic environment, as any other business would, we are taking a sensible approach to evaluating our cost base."
"Our overriding objective will continue to be prioritizing and protecting areas focused on client retention and satisfaction," the statement added.
Fidelity indicated that the job cuts would be distributed across all business segments and geographic regions, as the company operates in over 25 countries.

Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.