ABN Amro to shed almost 3,000 jobs

16th December 2004, Comments 0 comments

16 December 2004, AMSTERDAM — ABN Amro is to cut a total of 2,850 jobs as the largest Dutch bank accelerates a major shake up of its operations to fend off falling earnings.

16 December 2004

AMSTERDAM — ABN Amro is to cut a total of 2,850 jobs as the largest Dutch bank accelerates a major shake up of its operations to fend off falling earnings.

About 1,750 jobs will go at the bank's IT and HR departments, which are based in the Netherlands and the US. While about one third of all the cuts will occur in the Netherlands, compulsory redundancies will not be necessary, the bank has said.

The rest of the cuts will hit its wholesale clients unit, with 73 percent of the job losses coming in Europe, the Middle East and Africa, ABN announced in a statement on Thursday.

The job losses come as the bank accelerates a far-reaching restructuring plan that it announced last summer. ABN hopes to achieve total savings of EUR 770 million from 2007 through synergies by bringing the number of business units back from seven to three and improving efficiency across the organisation.

The bank said it is maintaining its projection of 10 percent higher profits for this year and has set aside EUR 790 million for the reorganisation.

"ABN Amro began informing staff of affected business units today about a number of decisions. These decisions accelerate and broaden the Group Shared Services (GSS) action tracks announced in August 2004 and refine the bank's Wholesale Clients SBU (WCS)," the statement said.

[Copyright Expatica News 2004]

Subject: Dutch news

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