Fidelity International plans to cut 16% of China fund unit jobs

Fidelity International plans to cut 16% of China fund unit jobs

FILE PHOTO: The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2022. REUTERS/Tyrone Siu/File Photo

Fund manager Fidelity International (FIL) is planning to lay off 20 people at its main China business unit, two sources familiar with the matter said, a move that comes amid a global downsizing by the firm and a downturn in China’s markets.