Fidelity International, a major financial services company, has announced layoffs that will affect one thousand workers. A majority of the layoffs will occur in the United Kingdom and will reduce the company’s UK workforce by around nine percent. Fidelity International stated that the layoffs will allow the company to streamline costs, and will put the company in a better position in a challenging economy with high interest rates. The job cuts are predicted to reduce costs at Fidelity International by $125 million each year. High interest rates have negatively affected asset management firms, and various other financial services companies have also conducted layoffs in the past year. For example, BlackRock, Charles Schwab, and Wellington Management have all reduced their workforces and laid off thousands of employees in total.
See "Fidelity International will cut hundreds of jobs to reduce costs", Bailey Gleeson, Forbes, March 7, 2024