ABN Amro cuts 500 risk and tech jobs
30 October 2006 | 8467 views | 0
Dutch banking group ABN Amro is cutting 500 risk and IT jobs at its head office as it moves to accelerate restructuring and cost cutting measures following a drop in Q3 net profits.
In a statement ABN Amro says the job cuts will be achieved through a mix of redundancies, outsourcing and offshoring.
The bank is reporting a 5.6% fall in net profit, prompting it to speed up restructuring and cost cutting plans.
ABN Amro said earlier this year that it was cutting 1500 back office jobs worldwide and transferring 900 roles to low-cost locations, mainly India, under the cost cutting measures.
The latest cuts, which will affect staff at Amsterdam headquarters, are part of an efficiency initiative intended to save EUR300 million across the bank's operations in Europe and North America in 2007.
In a statement, ABN Amro says improvements in performance "will be achieved through a combination of the planned growth and efficiency measures in our regional client businesses and the acceleration of our existing action plans".