Fidelity has become the latest fund management group to warn staff that their jobs are at risk after continued market falls.
Fund Strategy understands that the group has begun a programme called the European Efficiency Review, which it says may lead to job losses.
Fidelity said in a statement: “We are reviewing our costs in light of the prevailing market conditions. This may lead to some redundancies.”
The group would not confirm the number of jobs at risk under the review, but Fund Strategy understands that 10% of its European workforce will be affected. Fidelity employs 4,000 in Britain, continental Europe and Asia.
Fidelity is not the only group reviewing its workforce. Fund Strategy reported on October 6 (page 7) that Henderson Global Investors had written to employees stating that it might have to cut jobs because of market falls.