ABN Amro to cut 2800 jobs; sell headquarter offices

ABN Amro to cut 2800 jobs; sell headquarter offices

ABN Amro is to slash its workforce by 15% and sell its head office in an effort to cut costs.

Up to 2800 jobs are at risk under the strategic review, which aims to shave €700 million in costs by 2024.

The Dutch lender says it will seeks to reduce the impact on staff through natural attrition and reskilling in roles where shortages are expected.

Like other banks across Europe, ABN Amro is taking a long-hard look at its real estate costs, with the trend to remote working now viewed as irreversible.

The bank says it intends to redevelop its second main locations in Amsterdam into a "Paris-proof workplace designed to facilitate the trend of remote working". The new office space will house some 10,880 staff and will be "a place to share ideas, meet colleagues and brainstorm new services". Alongside this, the bank is also selling its head office building and leasing back part of it.

On the digital transformation front, ABN Amro says around 90% of high volume processes will be digitalised end-to-end by 2024.

"We will further streamline the product portfolio by around 60% by 2024," states the bank. "As clients make the shift to digital we will continue to reduce the number of branches. Our financial coaches will continue to be available to clients who need support to ensure they maintain access to banking services."

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