Abrdn has unveiled the extent of its latest cost-cutting programme, which seeks to reduce annualised costs by £150m by the end of 2025, which includes cutting 500 jobs.
It was revealed yesterday (23 January), that the Edinburgh-based asset manager was letting about 500 members of its staff go, a cohort which excludes fund managers as they were ringfenced from the endeavour. Today, Abrdn explained the scale of the new operation, which chief executive Stephen Bird described as a "transformation programme". He said: "We exceeded our £75m cost reduction target for 2023 for Investments, but we recognise more needs to be done. "After a root and branch review, we are now re-engineering and simplifying our business model to remove at least £150m of costs ...
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