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Abrdn to cut hundreds of jobs as part of £150mn restructuring plan

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Abrdn to cut hundreds of jobs as part of £150mn restructuring plan

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UK asset manager Abrdn is preparing to make hundreds of job cuts as part of a drive to cut about £150mn in costs.

The cuts could amount to about 10 per cent of Abrdn’s 5,000-strong workforce and are due to be announced on Wednesday during a trading update, according to a person familiar with the situation.

Cuts will be minimal on the investment side and will focus on support and control functions, the person said. They follow Abrdn’s appointment late last year of adviser Boston Consulting Group.

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Abrdn declined to comment on the redundancies, which were first reported by Sky News.

Under Stephen Bird, chief executive since 2020, Abrdn has tried to cut expenses to return the asset manager to profitability and boost its share price.

More than 100 of the group’s investment funds have been closed, restructured or merged, and last year about a fifth of the group’s multi-asset team were cut.

The redundancies come as relations between management and staff are already under strain.

The Financial Times revealed in December that Abrdn was halving redundancy payouts and reducing the length of paid parental leave by about a third.

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A group of employees has alleged that the moves may have breached employment law and they are exploring whether to mount a legal challenge. They take issue with how the process was conducted and how the changes were communicated with employees, according to two people familiar with the situation.

“Abrdn’s trust with employees has gone,” one of the people added.

At the end of last year, Abrdn confirmed plans to halve redundancy payouts and reduce the length of paid parental leave from 40 to 26 weeks.

Abrdn said: “We continue to offer a leading employee proposition that compares well with other large employers in the sector and more widely. These updates to our approach mean that Abrdn is aligned both to market practice and our ambition to deliver a more efficient operating model.”

The company said it “actively engaged” with employees “throughout the process of updating our employee proposition and made several changes based on their feedback”.

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A person close to the company said Abrdn “took full legal advice. Solid ground. Most employees know these are necessary steps to modernise the firm and create the right culture.”

Abrdn was formed through the merger of Standard Life and Aberdeen Asset Management in 2017.

The past 18 months have been characterised by client outflows and losses, and the company has dropped in and out of the FTSE 100 index. Abrdn’s shares are down 47 per cent from their most recent high in December 2019, and are down about 14 per cent in the past year.

The asset manager was hit by larger than expected outflows in the first half of 2023, with investors pulling a net £4.4bn from its funds on top of a net £10.3bn in 2022. It reported a pre-tax loss of £169mn for the six months to June 2023, and a £615mn loss for its previous financial year, driven by investment performance.

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

new video loaded: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

We’re working diligently to ensure no one leaves the security in an unsecured way at an inappropriate time. No one who poses a risk to public health is walking out the front door of the streets of Omaha or beyond.

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Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

By Axel Boada

May 11, 2026

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

The man charged with attempting to assassinate President Donald Trump at the White House Correspondents’ Association dinner last month pleaded not guilty at a Monday arraignment in federal court.

Cole Tomas Allen, 31, wearing an orange shirt and trousers, was handcuffed and shackled as he was brought into the courtroom in Washington, D.C., federal court. His handcuffs were attached to a chain around his waist, which clanked as he was led to the defense table.

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Speaking on behalf of Allen, federal public defender Tezira Abe said her client “pleads not guilty to all four counts as charged,” including attempting to assassinate the president of the United States, in connection with the April 25 incident at the Washington Hilton hotel.

Assistant U.S. Attorney Charles Jones advised the court that they plan to start producing their first tranche of discovery to the defense by the end of the week.

Officials said Allen, a California teacher and engineer, was armed with multiple guns, as well as knives, when he sprinted through a security checkpoint near the event where Trump and other White House officials had gathered with journalists.

He was arrested after an exchange of gunfire with a U.S. Secret Service officer who fired at him multiple times, a criminal complaint said. Allen was not shot during the exchange. The officer, who was wearing a ballistic vest, was shot once in the chest, treated at a hospital and released.

Trump and top members of his Cabinet and Congress were quickly evacuated from the room as others ducked under tables.

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Allen was initially charged with attempting to assassinate the president, transportation of a firearm and ammunition through interstate commerce with intent to commit a felony, and discharge of a firearm during a crime of violence. On Tuesday, a federal grand jury indicted him on a new charge in the shooting of a Secret Service agent.

Moments before the attack, Allen had sent his family members a note apologizing and criticizing Trump without mentioning the president by name, according to a transcript of some of his writings provided to NBC News by a senior administration official. Allen also wrote that “administration officials (not including Mr. Patel)” were “targets.”

He also appeared to have taken a selfie in his hotel room. Prosecutors said Allen, who was dressed in a black button-down shirt and black pants, was “wearing a small leather bag consistent in appearance with the ammunition-filled bag later recovered from his person,” as well as a shoulder holster, a sheathed knife, pliers and wire cutters.

Officials have said they believe Allen had traveled by train from California to Washington, D.C., before checking into the hotel.

Allen’s sister, Avriana Allen, told law enforcement that her brother would make radical comments and constantly referenced a plan to fix the world, but said their parents were unaware that he had firearms in the home and that he would regularly train at shooting ranges.

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Records show that he had purchased a Maverick 12-gauge shotgun in August 2025 and an Armscor Precision .38 semiautomatic pistol in October 2023.

After his arrest, Allen told the FBI that he did not expect to survive the incident, according to Assistant U.S. Attorney Jocelyn Ballantine. He was briefly placed on suicide watch at the Washington, D.C., jail, where he’s being held.

Allen is expected to appear in court for a June 29 hearing.

At Monday’s arraignment, his legal team said they plan on asking for the “entire office” of the U.S. attorney for the District of Columbia to be recused because of U.S. Attorney Jeanine Pirro’s apparent involvement in the case in a “supervisory role.” Federal public defender Eugene Ohm said some of the evidence they receive from the government will further inform that decision.

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Maps: Earthquakes Shake Southern California

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Maps: Earthquakes Shake Southern California

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Shake intensity

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Pop. density

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown.  All times on the map are Pacific time. The New York Times

A cluster of earthquakes have struck near the U.S.-Mexico border, including ones with a 4.5 and 4.7 magnitude, according to the United States Geological Survey.

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As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Aftershocks detected

Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

Quakes and aftershocks within 100 miles

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Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

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When quakes and aftershocks occurred

 All times are Pacific time. The New York Times

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Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Saturday, May 9 at 11:55 p.m. Eastern. Aftershocks data is as of Sunday, May 10 at 11:54 p.m. Eastern.

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