ABN Amro is to axe almost a quarter of the workforce over the next three years in an effort to boost profitability under its new CEO
Chief executive Marguerite Berard took over from Robert Swaak in April and has laid out plans to strip out costs via staff reductions and legacy system retirement.
The plan calls for the termination of 5200 roles from the Dutch lender's roster of 22,000 staff. "We expect around half of this to take place through attrition," says the bank. "In 2025 YTD a reduction of over 1,000 FTEs has been achieved."
Alongside this, operations are being simplified by reducing the number of legal entities, optimising and digitalising end-to-end processes. Technology is central, says Berard, with legacy systems being phased out, API use expanded, and AI embedded.
ABN Amro plans to strengthen its Dutch retail position with ongoing investment in challenger brands like Tikkie and BUUT to attract new customers and boost fee income. The intended acquisition of NIBC will further expand the bank's position in core products mortgages and savings.
The Dutch lender has also announced the sale of its personal loans business, Alfam, to Rabobank. The bank says it will continue to offer personal loans to its clients, now via a third-party arrangement with Rabobank.