Fidelity International, the asset-management firm, is gearing to reduce its global workforce by nine per cent, as was first reported by Reuters. That means, about 1,000 employees will be rendered jobless. The objective is to cut costs, improve efficiency and streamline operations.
The company expects to save about $125 million a year as a result of the job cuts, as per reports. The job cuts will affect roles across all regions and business units of the firm.
The company caters to over 2.8 million clients across over 25 countries, and manages well over $700 billion in terms of assets.
The main business of Fidelity International is to provide investment solutions to institutional investors as well as individual clients, worldwide. Its broad range of offerings include mutual funds, pension funds, discretionary portfolios and investment-advisory services.
In July 2023, the global investment and retirement-savings business had opened a new office in Bengaluru. It was the company’s third office after Gurugram and Mumbai, which already accommodated its 4,500-strong workforce in India at that time. The Bengaluru office was, it was revealed in July last year, was to see an addition of 700-800 new people for which the company was scouting for talent across capabilities, including technology, operations, research support, client servicing, cybersecurity and shared services across general counsel, finance and human resources.
