Overview

• 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.