Fidelity International is planning to lay off around 1,000 employees globally in an effort to streamline costs, the money management firm announced on Monday. This decision comes as the company responds to a more challenging economic environment and looks to cut costs to remain competitive in the industry. The layoffs are expected to affect approximately nine percent of the firm's workforce.
The asset manager is restructuring its operations to adapt to changing market conditions and improve efficiency. Fidelity International plans to reduce its headcount by around 1,000 people as it responds to a 'more challenging economic environment.' The company is looking to streamline its operations and cut costs to boost profitability in the face of economic uncertainties.
Fidelity International is cutting around 1,000 jobs globally this year as the asset manager looks to cut costs and improve its financial performance. The layoffs are part of a broader effort to restructure the company and realign its workforce with its strategic priorities. The firm is aiming to enhance its operational efficiency and focus on core business areas to drive growth.
The layoffs at Fidelity International are expected to impact various departments across the company. The asset manager is cutting roughly 1,000 jobs – approximately nine percent of its workforce – globally this year as part of its cost-cutting initiative. The company is taking proactive steps to streamline its operations and enhance its competitiveness in the market.
Fidelity Investments said Thursday its operating profit rose 5 percent last year, boosted in part by job cuts, as revenue continued to lag after two years of decline. After another 2% reduction in headcount in Q1, Fidelity reported a revenue of $2.474 billion, down from $3.167 billion a year ago. The company is focusing on improving its bottom line through cost-cutting measures and operational efficiencies.
These three companies could all experience layoffs before the end of 2024. Fidelity National Information Services (NYSE:FIS) is also facing potential layoffs as part of its restructuring efforts to enhance profitability. Research rules around severance and paid time off for details about severance and PTO to ensure employees are treated fairly during the layoff process.
Exclusive: Layoffs at Fidelity Investments. Fidelity Investments on Tuesday laid off hundreds of employees, Axios has learned. This comes just weeks after the company announced plans to cut around 1,000 jobs globally as part of its cost-cutting initiative. The layoffs are expected to impact various departments within the firm.
