ABN Amro cuts 500 more jobs

30th October 2006, Comments 0 comments

30 October 2006, AMSTERDAM — Dutch bank ABN Amro is to cut at least 500 jobs at its Amsterdam headquarters as part of a new cost-cutting drive.

30 October 2006

AMSTERDAM — Dutch bank ABN Amro is to cut at least 500 jobs at its Amsterdam headquarters as part of a new cost-cutting drive.

The announcement on Monday coincided with the publication of the bank's quarterly figures.

ABN Amro, the Netherlands' biggest bank, said profits in the third quarter had slipped from EUR 1.2 billion last year to EUR 1.14 billion.

The quarterly result was better than that predicted by analysts, who had estimated on average profit of EUR 977 million.

But chairman Rijkman Groenink said the company's results would need to improve rapidly in order to meet targets.

Consequently, ABN Amro said it would push ahead with its cost-cutting drive.

The job cuts will be made by outsourcing computer services and redundancies. The bank aims to cut cists by EUR 900 million.

ABN Amro scrapped 2,400 jobs worldwide earlier this year, 650 of them in the Netherlands.  

[Copyright Expatica News 2006]

Subject: Dutch news

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