Fidelity International cuts 500 jobs in China
Fidelity International (FIL) will cut around 500 jobs at one of its Chinese operations, two people with knowledge of the matter said, marking the largest downsizing in recent years of a global financial firm in the world's second largest economy.
UK-headquartered FIL told staff about the job cuts at one of its tech and operation centres located in China's northern city of Dalian on Monday, according to the people, who declined to be named as they were not authorised to speak to the media.
Fidelity International's "centre of excellence" in Dalian supports a wide range of technology, operations and investment needs, according to the company.
The entity, established in 2011, had 574 employees as of end-2023, an official business record shows.
"Following a review, and in line with an organisation-wide focus on greater efficiency, we are streamlining some capabilities currently managed within the Dalian centre," FIL said in a statement to Reuters, declining to comment on the number of cuts.
At the same time, the company is adding new capabilities in Dalian, FIL said, without disclosing how many jobs that would create.
Reuters reported in March that FIL had embarked on a global downsizing with a target of trimming 9% of its workforce or around 1000 jobs. In China the cuts went deeper, affecting at least 16% of its 120-strong mutual fund unit, sources told Reuters.
FIL remains committed to growing its mutual fund business in China, the company added in the statement.
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