23rd Jan 2024 12:20
(Alliance News) - abrdn PLC plans to cut "hundreds" of jobs from its workforce, Sky News reported on Tuesday.
The Edinburgh-based fund manager will announce plans on Wednesday to cut around 10% of its workforce of about 5,000 people to save costs, Sky said. The announcement will come in a "hastily scheduled" trading update.
https://news.sky.com/story/fund-manager-abrdn-to-axe-hundreds-of-jobs-in-cost-cutting-push-13054490
Shares in abrdn were flat at 177.95 pence each in London on Tuesday at midday. Over the past 12 months, the stock is down 14%, and the company dropped out of the FTSE 100 in September.
On its website, abrdn says it will issue a pre-close trading update before the London market open on Wednesday. "The announcement will update on flows and trading during H2."
abrdn has suffered net outflows of late. Excluding liquidity, it reported net outflows of GBP4.4 billion in the first half of 2023, worsened from GBP3.8 billion a year prior.
By Sophie Rose, Alliance News senior reporter
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