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Fidelity Intl admits jobs at threat as CBI warns of industry shake-out

Fidelity International is set to cut 100 jobs from its UK operation in a bid to tackle ongoing market volatility, Money Marketing understands.

The group has confirmed that a review is under way, with several back-office functions already believed to have been moved to India.

Fidelity International has a worldwide workforce of 5,000, excluding the US arm Fidelity Management and Research.

A statement released last week says: “We are looking at efficiency savings and reviewing opportunities to manage costs in the current environment. This may lead to some redundancies.”

The news comes as the Confederation of British Industry forecasts 10,000 job losses across the UK financial services industry in the next three months.

The CBI’s quarterly survey found that most companies think the credit squeeze will worsen in the next six months.

Chelsea Financial Services managing director Darius McDermott says: “The thing about Fidelity has been that it has talked up the size of its fund manager and research teams under chief investment officer Nicky Richards.

“It has even said it will look to grow that part, so I would be extremely surprised to see any job losses on that side of the business.”

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