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Fidelity International (FIL) will cut around 500 jobs at one of its Chinese operations, marking the largest downsizing by a global financial firm in the world’s second-largest economy.
Reuters reports that the UK-headquartered FIL told staff about the job cuts at one of its tech and operation centres 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.
FIL said the company is also adding new capabilities in Dalian 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 per cent of its workforce or around 1000 jobs. In China the cuts went deeper, affecting at least 16 per cent 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.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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