Standard Life Aberdeen to cut 800 jobs

Combined group will eliminate 800 roles over three years upon completion of merger.

Standard Life and Aberdeen Asset Management are to reduce 800 jobs globally following the completion of their planned merger.

The reduction in headcount - which currently stands at 9,000 - has been estimated as part of integration and restructuring and it is expected to be phased-in over three years.

“Standard Life and Aberdeen expect to achieve cost synergies where duplication exists and by taking advantage of opportunities to leverage the additional scale of the combined group,” a statement said.

Both firms added steps will be taken to minimise the number of compulsory redundancies, through the active management of the group’s recruitment.

The combined entity - to be known as Standard Life Aberdeen - will bring together £670 billion of combined assets under management and it will be the largest active asset manager in the UK.

First announced in March, both firms believe the merger will create an investment group with “strong brands and a leading global distribution platform, enhancing proximity to clients”.

Keith Skeoch, the CEO at Standard Life, and Martin Gilbert, CEO at Aberdeen Asset Management, will jointly run the combined group as co-CEOs.

At the time of the announcement, Gilbert explained the merger “brings financial strength, diversity of customer base and global reach to ensure that the enlarged business can compete effectively on the global stage”.