Aberdeen could cut 150 jobs in SWIP deal - reports

Aberdeen Asset Management could cut 150 jobs if the deal to acquire Scottish Widows Investment Partnership (SWIP) goes ahead, according to reports.

At the end of last month, Aberdeen confirmed it is in discussions with SWIP's parent Lloyds Banking Group over a possible acquisition. The £500m takeover would be one of the most prominent M&A deals in the asset management industry this year and would make Aberdeen the largest listed European asset manager, with assets of nearly £350bn. But if the move goes ahead, 150 employees from the combined workforce of 2,500 are set to lose their jobs, according to a report by the Financial Times. Aberdeen - headed by Martin Gilbert (pictured) - currently has around 2,000 employees while SWIP...