Fidelity International is cutting around 1,000 jobs globally this year as the asset manager looks to cut costs.

The firm will cut about 9% of its staff across all business lines and regions over the course of 2024 as it adjusts to a more challenging economic environment.

“This is to make sure we are resilient for the future given the challenging economic environment, and give us additional flexibility and agility to innovate, invest, and provide capabilities to our clients,” a spokesperson for Fidelity International said in an emailed statement. “We will be reprioritising investments in some non-core projects. This will include pushing out timelines or pivoting our approach to projects where circumstances have changed.”

The asset-management industry has been buffeted over the past two years, first by declines in stock and bond markets in 2022 and then by investors who grew skittish over higher interest rates. Other big money managers, including Blackrock Inc., Wellington Management and T. Rowe Price Group Inc. have already cut jobs and redirected budgets in response. 

The news, which was first reported by Reuters, comes days after Fidelity named Keith Metters as the new leader for the business, which was previously the international arm of Fidelity Investments and spun off in 1980. Former Chief Executive Officer Anne Richards stepped down in November.

This article was provided by Bloomberg News.