Founded in 2011, the company had 574 employees at the end of 2023, according to official business filings

By Selena Li

HONG KONG: Fidelity International (FIL) will cut around 500 jobs at one of its Chinese operations, two people familiar with the matter said. This is the largest workforce reduction in recent years at a global financial company in the world's second largest economy.

Britain-based FIL informed employees on Monday of job cuts at one of its technology and operations centers in Dalian, northern China, according to the people, who asked not to be named because they were not authorized to speak to the media.

Fidelity International's “center of excellence” in Dalian supports a wide range of technology, operational and investment needs, according to the company.

Founded in 2011, the company had 574 employees at the end of 2023, according to official business filings.

“Following a review and in line with an organization-wide focus on greater efficiency, we are streamlining some functions currently managed at the Dalian center,” FIL said in a statement to Reuters, declining to comment on the number of cuts.

At the same time, the company is expanding new capacity in Dalian, FIL said, without disclosing how many jobs this would create. Reuters reported in March that FIL had initiated a global workforce reduction, aiming to cut 9% of its workforce, or around 1,000 jobs. In China, the cuts were deeper, affecting at least 16% of the country's 120 mutual fund units, sources told Reuters.

FIL remains committed to expanding its mutual fund business in China, the company added in the statement. (Reporting by Selena Li; Editing by Toby Chopra, Kirsten Donovan)

Join the community of over 2 million industry experts

Subscribe to our newsletter to receive the latest insights and analysis.

Download the ETHRWorld app

• Get real-time updates
• Save your favorite items

Scan to download the app