LONDON (Reuters) - The 11 billion pound ($13.5 billion) merger between Standard Life SL.L and Aberdeen Asset Management ADN.L will lead to some job losses but not the 1,000 figure that has been cited in media reports, the Aberdeen CEO said on Monday.
The two firms set out the terms of their proposed deal on Monday, saying they expected to be able to save up to 200 million pounds in costs.
“There will be some job losses where there is overlap,” Martin Gilbert told BBC Radio. Asked if the number could be as high as 1,000, he said: “I don’t know where that figure has come from, that is way, way exaggerated.”
“This is not about saving money, this is about complementary businesses hoping to grow their revenues.”
Reporting by Kate Holton; editing by Guy Faulconbridge