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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• BlackRock eliminating 600 jobs, reallocating resources

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.

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