ABN Amro Cuts 1,500 Jobs

Dutch bank ABN Amro has said it is to cut its workforce by a further 1,500 jobs. The job losses were announced alongside the company’s third quarter earnings report.

In Asia ABN Amro is in the process of selling its private banking operations in Singapore and Hong Kong. Although names such as Liechtenstein's LGT Bank and Julius Baer have been mentioned as potential suitors both have declined to comment.

Last week it emerged that ABN Amro is writing to over 15,000 clients who live outside Europe to tell them to close down their accounts.

Offloading Foreign Clients

A bank spokesman said ABN Amro wants to concentrate on being a Dutch and a European bank and that the complex rules surrounding overseas accounts mean there is a risk the bank could be faced with complicated regulatory issues and increased costs.

The latest round of cuts comes on top of the redundancies announced in September. The bank, which is in the process of being privatised, said the new job losses will generate EURO 400million in structural savings.

Workforce Will Decline

«As a result of all programmes in place, the total workforce is expected to decline by 13 percent from 26,500 (22,000 internal and 4,500 external FTEs) in 2015 to approximately 23,000 by 2020,» said Gerrit Zalm CEO at ABN Amro.



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