Fidelity International laying off 1,000 workers, part of cost-cutting plan

Fidelity International is planning to eliminate approximately nine per cent of its global workforce, or 1,000 jobs, in an effort to reduce costs.

What’s going on at Fidelity International?

According to news outlets, including BNN Bloomberg, the layoffs at the fund management giant will affect all business lines and regions over the course of 2024.

“This is to make sure we are resilient for the future given the challenging economic environment, and give us additional flexibility and agility to innovate, invest, and provide capabilities to our clients,” a spokesperson for Fidelity International said in an emailed statement.

“We will be reprioritizing investments in some non-core projects. This will include pushing out timelines or pivoting our approach to projects where circumstances have changed.”

The company operates in more than 25 countries, including Canada.

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Impact on Canadian staff

It remains unclear if any Canadian employees at Fidelity International will be let go.

According to the company’s LinkedIn page, the company has more than 30 workers in the country.

Termination agreements for employees at Fidelity International

In Canada, non-unionized employees at Fidelity International are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance pay for banking sector employees
• Rights to severance for federally regulated workers
• Severance packages for provincially regulated employees

Major layoffs continue

The job cuts at Fidelity International come amid a flurry of layoffs in 2024.

Big names, including TC Energy, Electronic Arts, Rivian, Sony, Vice Media, BuzzFeed, Nike, Cisco, Catalent, Cascades, BlackBerry, PayPal, UPS, and Microsoft, have also pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Lumentum layoff impacts 10% of global workforce: Reports
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.