The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
2,350 jobs Number of planned job losses
Announcement Date
26 August 2011
Employment effect (start)
1 September 2011
Foreseen end date
31 December 2014
Description
On 26 August 2011, banking group ABN Amro announced it will cut another 2,350 jobs until the end of 2014. This comes on top of the loss of more than 6,000 jobs over the past two years after the merger of ABN Amro and Fortis.
The job cuts are attributed to the need to decrease the costs, which are high compared to competitors. The majority of the job losses will take place at the head office (administrative functions), the IT department, and the retail and private banking departments.
ABN Amro plans to cut around 1,500 jobs through forced dismissals due to the low labour turnover rate. The unions stated they were shocked. The works council still has to be consulted on the restructuring.
Sources
27 August 2011: De Volkskrant
27 August 2011: Het Financieele Dagblad
26 August 2011: NRC Handelsblad
Citation
Eurofound (2011), ABN Amro, Internal restructuring in Netherlands, factsheet number 72300, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72300.
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