Fidelity International (FIL) is set to lay off 20 employees from its primary China business unit, marking a 16% reduction of its current 120 staff, sources report. This move is part of FIL’s broader global downsizing effort, amid a downturn in China’s markets and a company-wide initiative to cut costs. FIL, a leading fund manager with USD776bn in client assets, initiated a global cost-saving programme earlier this month, aiming to save USD125m in 2024 by reducing its workforce by 9%. Despite these plans, an FIL spokesperson stated that the review of global role reductions is ongoing, with no final decisions made regarding its China operations.