New Delhi, October 23: Fidelity International will reportedly lay off around 500 employees. As per reports, the job cuts may impact its technology and operations centres in Dalian, China. The layoffs are said to be part of a of a strategy to increase efficiency across its operations worldwide.

As per a report of ET HRWorld, Fidelity International (FIL) will lay off around 500 employees at one of its technology and operations centres in Dalian, China. The decision is reportedly made for restructuring efforts by the global financial firm. The job cuts will likely affect employees those in the technology and operations department. Reports also indicate that Fidelity International established a representative office in Shanghai back in 2004, followed by another office in Beijing in 2008. Ernst & Young Fired US Employees for Attending Multiple Training, British Accounting Firms Said They ‘Cheated’ and Broke Multiple Laws: Report.

The company has reportedly notified its employees about upcoming layoffs. Fidelity International's centre in Dalian, which is referred to as a "centre of excellence," provides support for different areas such as technology, operations, and investment services. The facility was reportedly set up in 2011 and, by the end of 2023, had a workforce of 574 employees. According to multiple reports, Fidelity International has established two centres of excellence in Dalian.

Fidelity International Limited has reportedly highlighted that, after a thorough review, they are making changes to improve efficiency throughout the entire organisation. They mentioned that they will be simplifying certain functions that are currently being handled at the Dalian centre. Tech Layoffs in October 2024: Meta, Nokia, Intel, Kaspersky and Others Announce Layoffs of Hundreds of Employees This Month Amid Restructuring and Cost Saving.

FIL had reportedly planned to reduce its global workforce by laying off about 9 per cent of its employees, which is about 1,000 employees. In China, the situation was more severe, with the cuts impacting at least 16 per cent of the staff in its mutual fund division, which consists of around 120 employees. FIL is still determined to grow its mutual fund business in China. The company is also said to expand its operations in Dalian by introducing new recruitments. However, they have not shared any information about how many new jobs this expansion might generate.

(The above story first appeared on LatestLY on Oct 23, 2024 11:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).