ABN Amro: cutting about 15% of corporate workforce
(CercleFinance.com) - ABN Amro said it plans to cut about 15% of its corporate workforce by 2024 as the Dutch bank is winding down its CIB non-core operations and reshaping its business.
The job cuts will be made through natural attrition and reskilling in roles where the company expects shortages, it said.
At a virtual investor day, ABN Amro announced plans to become a "personal bank in the digital age," serving clients where it has "scale" in the Netherlands and Northwest Europe.
The bank said that around 90% of high volume processes should be digitalised end-to-end by 2024, meaning that it will further streamline its product portfolio by around 60% by 2024.
ABN also said it expects costs not to exceed 4.7 billion euros in 2024, reflecting 700 million euros of further cost savings.
The group also announced today its plans to sell its headquarter office at Amsterdam Zuid as part of a sell-and lease back that will result in a book gain.
Apparently not convinced by these comments, investors massively sold the shares this morning on Euronext Amsterdam, with the stock falling nearly 5% in early morning trading
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The job cuts will be made through natural attrition and reskilling in roles where the company expects shortages, it said.
At a virtual investor day, ABN Amro announced plans to become a "personal bank in the digital age," serving clients where it has "scale" in the Netherlands and Northwest Europe.
The bank said that around 90% of high volume processes should be digitalised end-to-end by 2024, meaning that it will further streamline its product portfolio by around 60% by 2024.
ABN also said it expects costs not to exceed 4.7 billion euros in 2024, reflecting 700 million euros of further cost savings.
The group also announced today its plans to sell its headquarter office at Amsterdam Zuid as part of a sell-and lease back that will result in a book gain.
Apparently not convinced by these comments, investors massively sold the shares this morning on Euronext Amsterdam, with the stock falling nearly 5% in early morning trading
Copyright (c) 2020 CercleFinance.com. All rights reserved.