Fidelity International Announces Job Cuts in China Fund Unit Amid Market Volatility
Tuesday, 19 March 2024, 07:39
Fidelity International Job Cuts Amid Market Volatility
Fidelity International is set to reduce its workforce in China by 16% as part of a global cost-reduction program. The initiative is aimed at saving US$125 million and making 9% of its employees redundant.
Details of the Downsizing Plan
- Extent: 16% reduction in the China fund unit
- Impact: Expected savings of US$125 million
- Workforce: 9% of employees to be made redundant
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