Fidelity International plans to eliminate approximately 1,000 jobs worldwide, 9% of its workforce, in 2024 as part of a cost reduction effort aimed at saving USD125m annually. This move comes amid challenges in the fund management industry, with firms facing difficulties in maintaining client investments due to volatile markets and a shift towards lower-risk or passive investment options. The announcement follows similar actions by other fund managers, including BlackRock, which is reducing its staff by about 3%. The decision was communicated by newly appointed Fidelity International president Keith Metters, succeeding CEO Anne Richards. The company aims to focus on core projects and client value amidst a tough economic climate.
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