From Morningstar:

Abrdn plans to slash around 500 jobs in a transformation programme aimed at generating annual savings of £150 million by the end of 2025. This includes removing management layers, increasing spans of control, and making efficiencies in outsourcing and technology areas, as well as cutting overheads in group functions and support services.

While most of the savings will come from non-staff costs, it expects to cut around 500 roles. Abrdn employs around 5,000 people. Assets under management and administration fell to £494.9 billion as net outflows worsened to £12.4 billion in the second half. Abrdn expects adjusted operating profit to be broadly in line with consensus and adjusted capital generation to be above consensus. Abrdn shares initially fell 3.7% to 165.9p each on Wednesday morning in London before rising again. At the time of publication, it is 1% down at 170p.



Read more: Abrdn Cuts 500 Jobs as Outflow Woes Bite