Standard Life and Aberdeen Asset Management to cut 800 jobs after merger

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Scottish fund managers Standard Life and Aberdeen Asset Management expect to slash around 800 jobs within the first three years after their £11bn merger, Standard Life said late Tuesday.

The deal, which was announced in March, is expected to bring £200m in cost saving each year.

The combined group will be called Standard Life Aberdeen.

Under the terms of the merger, Gerry Grimstone, chairman of Standard Life, will become chairman of the board of the combined group and Aberdeen’s chairman, Simon Troughton, will become deputy chairman.

Standard Life’s current chief executive officer, Keith Skeoch, and Aberdeen’s CEO, Martin Gilbert, will become co-CEOs of Standard Life Aberdeen.

Shareholders in both companies are expected to vote on the merger at an extraordinary general meeting on 19 June. The deal is expected to complete by mid-August.

Additional reporting by news wires