Fidelity International Plans To Cut 16% Of Staff In China Unit

Fidelity International (FIL) is set to lay off 20 employees at its main China unit, sources familiar with the matter revealed.

FIL, managing $776 billion in client assets, initiated a broader cost reduction program globally earlier this month. I Photo: Fidelity International

This reduction, amounting to approximately 16% of the unit's workforce, comes amidst a downturn in China's markets and as part of the firm's global staff cuts. The China fund unit, wholly owned by FIL and currently staffed with 120 employees, will see these layoffs take effect.

The sources, who requested anonymity as they were not authorized to speak to the media, did not disclose the specific roles of the affected employees.

FIL, managing $776 billion in client assets, initiated a broader cost reduction program globally earlier this month, aiming to save approximately $125 million in 2024 and trim 9% of its total workforce.

Responding to inquiries about the China unit, a spokesperson for the London-based fund house stated that the company is currently reviewing previously reported global role reductions across various business lines and geographies, emphasizing that no decisions have been made regarding its China operations at this time.

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