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
400 jobs Number of planned job losses
Announcement Date
16 May 2013
Employment effect (start)
16 May 2013
Foreseen end date
31 December 2015
Description
The state-owned Dutch ABN-Amro Bank Group is to cut 400 jobs by the end of 2015 in its commercial and merchant banking services.
As announced the restructuring is a cost saving measure linked with a 17pc profit loss during the 1st 2013 quarter and is considered as the last round of job reduction measures taken after the integration between Fortis and ABN-Amro (both nationalised after the crisis).
Additionally, according to the bank’s 2012 annual report, around 1-3 pc drop in the job numbers is expected in the following years, due to a switch of consumer needs towards phone or internet banking and the modernization of the information technology services.
The bank has announced earlier 2,350 job cuts (see here).
Sources
17 May 2013: NRC Handelsblad
17 May 2013: Bloomberg
Citation
Eurofound (2013), ABN-Amro, Internal restructuring in Netherlands, factsheet number 75666, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75666.
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