Fidelity next in line to cut jobs

Fidelity employs around 5,000 people, 2,100 of which are based in the UK.

The cuts are being made in response to the worsening state of the investment markets, in a bid to minimise negative effects on profitability.

Although the firm released no official statement, a spokeswoman told AltAssets, 'Like other financial firms we are managing costs appropriately and have been doing this process throughout the year. Regrettably, this may lead to a reduction in staffing.'

The job cuts will be made by the new year, according to the report.

Fidelity's move follows news that US asset manager BlackRock has notified its employees of impending redundancies via an internal memo.

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