Fidelity to Lay Off 300 in the U.K.

With sales plummeting in the U.K., Fidelity International is preparing to lay off 300 people, or 14% of its staff of 2,100, The Evening Standard reports.

“Due to market conditions, we have been reviewing costs across the business,” a spokesman said. “We have seen net redemptions due to loss of confidence in equity markets, but they have become less as the year has gone by.”

Earlier this year, Fidelity laid off 170 people, again due to heavy outflows.