UK fund manager abrdn is preparing to cut hundreds of jobs in a cost-cutting drive aimed at boosting its flagging performance, according to reports.
Sky News said abrdn will announce proposals for a round of redundancies alongside a hastily scheduled trading update on Wednesday morning.
Exclusive: Abrdn, the British fund manager, is preparing to cut hundreds of jobs tomorrow as its chief executive, Stephen Bird, seeks to revive its faltering performance. I understand that roughly 10% of the company's 5,000-strong workforce could leave. https://t.co/kgngxxjVLa
— Mark Kleinman (@MarkKleinmanSky) January 23, 2024
It was unclear whether abrdn would give a precise figure for the headcount reductions, although one market source said it could affect about 10% of its workforce of nearly 5,000 people.
Analysts expect the company, which was formed from the 2017 merger of Aberdeen Asset Management and Standard Life, to disclose that it has suffered billions of pounds in additional fund outflows during the second half of 2023, according to Sky.