The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Australia, Austria, Belgium, Bermuda, Brazil, China, Hong Kong, Dubai, France, Germany, India, Ireland, Italy, Japan, Korea, Luxembourg, Netherlands, Poland, Singapore, Spain, Sweden, Switzerland, Taiwan, Tunisia, the UK
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial Service Activities, Except Insurance And Pension Funding
1,000 jobs Number of planned job losses
Announcement Date
6 March 2024
Employment effect (start)
6 March 2024
Foreseen end date
31 December 2024
Description
Fund management company Fidelity International has announced that it will cut 1,000 jobs worldwide in 2024.
The programme will affect positions throughout all business lines and regions. The layoffs are part of a cost-saving programme expected to save around $125 million a year. The sources report that the fund management industry has struggled to retain client cash through a period of turbulent markets and higher interest rates that have driven investors into lower-risk or passive alternatives.
Founded in 1969, Fidelity International handles investments for clients in Europe, Canada, EMEA and Asia. Fidelity International operates in 25 countries: Australia, Austria, Belgium, Bermuda, Brazil, Canada, China, Dubai, France, Germany, India, Ireland, Italy, Japan, Korea, Luxembourg, Netherlands, Poland, Singapore, Spain, Sweden, Switzerland, Taiwan, Tunisia and the UK. The company employs about 11,100 employees worldwide.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
