ABN Amro to cut 5,000 jobs

20th May 2009, Comments 0 comments

However, the figures have been disputed by the trade unions who said 7,000 will lose their jobs.

The Netherlands – Dutch bank ABN Amro announced it will be cutting between 4,000 and 5,000 jobs as a result of its integration with the Dutch branch of Fortis Bank following the nationalisation of both.

The total number of job losses due to the merger will amount to between 5,500 and 6,500. Previously, the bank estimated around 7,800 jobs would disappear.

However the bank's new CEO, former finance minister Gerrit Zalm, said he expected fewer people will lose their positions since 1,500 new posts will be created.

The trade unions, however, dispute these figure. They said ABN Amro failed to take into account a number of factors, which means around 7,000 people will lose their jobs.

The unions are also angry that the banks ignored a previous agreement which stated there would be no compulsory redundancies. The bank expects its reorganisation will produce savings of between EUR 1 and 1.3 billion.

Radio Netherlands / Expatica

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