Business & Finance
19 March 2024, 3:47 pm 1 minute
Reuters exclusively reported that fund manager Fidelity International is planning to lay off 20 people at its main China unit, equivalent to 16% of its headcount. The reduction coincides with a downturn in China’s markets and comes as the firm cuts staff worldwide.Â
Market Impact
The firm, which manages $776 billion of client assets, kicked off a broader cost reduction programme globally earlier this month which is expected to save around $125 million in 2024 and make 9% of its workforce redundant.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceFinancial Services
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story