Proactive Investors - 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 (LON:ABDN), to disclose that it has suffered billions of pounds in additional fund outflows during the second half of 2023, according to Sky.