HONG KONG: Fidelity International (FIL) will cut 500 jobs at one of its Chinese operations, two people with knowledge said, marking the largest downsizing in recent years of a global financial firm in the world's second largest economy.
U.K.-headquartered FIL told staff about the job cuts at one of its tech and operation centres located in China's northern city Dalian on Monday, according to the people who declined to be named as they were not authorised to speak to the media.
The entity, established in 2011, had 574 employees as of end-2023, official business record shows.
"Following a review, and in line with an organisation-wide focus on greater efficiency, we are streamlining some capabilities currently managed within the Dalian centre," FIL said in a statement to Reuters, declining to comment on the number of cuts.