Fidelity has confirmed to Financial Planning Today that the business is re-evaluating costs, with job losses a possibility, but was unable to confirm any figures.

A spokesperson said that any job losses would be across the firm’s 25 locations internationally and would not impact existing client service.

A Fidelity International spokesperson said: “In this more challenging economic environment, as any other business would, we are taking a sensible approach to evaluating our cost base to increase the efficiency of our organisation while continuing to deliver to the highest standards for our clients.

“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 which differentiate us from the rest of the industry.

“Fidelity International is a global company operating in 25+ locations with multiple business lines and investment platform businesses. Headcount reductions will be spread across all business lines and regions. Our overriding objective will continue to be prioritising and protecting areas focused on client retention and satisfaction.”

Fidelity International has seen a number of senior role changes in recent months.

Dame Anne Richards, CEO of Fidelity International, announced in November she is to step down from the role after five years with the company to become vice chair.

Dame Anne, who was honoured in 2021, will stay with the company as vice chair with an emphasis on “key external relationships and strategic partnerships.”

She was recruited from rival fund manager M&G five years ago.

Fidelity’s investment platform is one of the five most popular with Financial Planners in the UK, with 21% of advisers placing the platform in their top three.