Some 7,000 ABN Amro staff may lose jobs

29th April 2008, Comments 0 comments

Britain’s Royal Bank of Scotland is likely to axe 7,000 jobs when it absorbs the Dutch bank investment operations.

29 April 2008

RBS likely to slash jobs at ABN Amro

THE NETHERLANDS - Britain’s Royal Bank of Scotland is likely to axe 7,000 jobs as it absorbs Dutch bank, ABN Amro's investment operations.

The Financial Times reports that RBS could shed up to a quarter of its total workforce of 28,000 people, most of who are former ABN Amro employees.

RBS, Britain’s second largest bank, is under pressure to slim down as a result of the credit crunch that has hit the financial industry worldwide.

RBS acquired ABN Amro’s investment-banking arm in 2007 as part of a record-breaking consortium takeover of the Dutch bank. The consortium also includes Belgian-Dutch group Fortis and Spain’s Banco Santander.

[Radio Netherlands / Expatica]

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