Top fund manager to cut hundreds of jobs [Yahoo! Finance]
ABRDN PLC UNSP ADR (SLFPY)
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Source: Yahoo! Finance
Around 500 roles are expected to be cut from Abrdn's 5,000-strong business as the group aims to reduce costs by around £75m at its main investment division. Abdrn is expected to unveil the cuts alongside a trading update on Wednesday by chief executive Steve Bird, according to Sky News. Shares have struggled with poor performance in recent years and the fund manager continues to clock up outflows. The Abrdn cuts are the latest to dent UK financial services after Barclays slashed 5,000 jobs last year and Metro Bank outlined plans to scrap 850 roles. Citi could also cut hundreds of jobs in the UK in a significant restructure, while 2,500 roles are at risk at Lloyds bank. Mr Bird has moved fast to try and shore up the misfiring company, snapping up Interactive Investor for £1.5bn last year in a bid to boost Abrdn's consumer focus and make the firm a nimble tech player. The deal helped expand Abrdn's tech focus but raised questions over the future of its traditional fund manage
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