Reuters
HONG KONG (Reuters) -Fund manager Fidelity International (FIL) is planning to lay off 20 people at its main China unit, two sources familiar with the matter said, a reduction that coincides with a downturn in China's markets and as the firm cuts staff all over the world. The cuts at FIL's wholly-owned China fund unit, which currently employs 120 staff, is equivalent to around 16% of its total headcount, according to the sources, who declined to be named as they were not authorised to speak to media. The firm, which manages $776 billion of client assets, kicked off a broader cost reduction programme globally earlier this month which is expected to save around $125 million in 2024 and make 9% of its workforce redundant.