Abrdn to Cut 500 Jobs in £150m Cost-Cutting Drive

Despite the job cuts, the investment firm plans to continue paying bonuses and expects to complete the cost-cutting measures by the end of 2025.

Scottish investment firm Abrdn plans to cut approximately 500 jobs, about 10% of its workforce, as part of a £150m cost-cutting drive to boost profitability.
The firm aims to simplify its complex internal structure by removing management layers and making outsourcing and technology more efficient.
Despite the job cuts, Abrdn will continue paying bonuses to staff this year, with details of the latest bonus pot to be revealed on 27 February.
The cost-cutting measures, which will also include non-staff costs such as off-loading properties and renegotiating contracts with suppliers, are expected to be completed by the end of 2025.
The firm's assets under management and administration fell from £495.7 million in mid-2023 to £494.9 million by the end of the year.