Investing.com -- Fidelity International is planning to reduce headcount by around 9% globally this year, Reuters reported, citing an internal memo from the fund management giant.
According to the report, the company said the job cuts, which will lead to the dismissal of roughly 1,000 workers, is part of a cost savings push that is expected to rein approximately $125 million a year in expenses.
Timelines would also be delayed on non-core projects, Reuters said, adding that the firm would instead focus on business operations that deliver the most value to clients.
Fidelity has recently been hit by a period of market volatility and elevated interest rates that has led many clients to shift their investments into lower-risk or passive alternatives.
A spokesperson for Fidelity confirmed the cuts, saying the company was taking a "sensible approach" to its cost base in a "challenging" economic environment, Reuters reported.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.