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
297 jobs Number of planned job losses
Announcement Date
12 August 2020
Employment effect (start)
Foreseen end date
Description
Dutch bank ABN Amro announced 800 job cuts in its corporate banking department, including 150 jobs in the Netherlands. In addition, the company is cutting 147 jobs at its Dutch subsidiary, savings bank and mortgage broker Moneyou.
The department of Corporate & Institutional Banking has been responsible for a large share of the company's losses in recent years. With the shutdown of its non-European corporate banking activities, ABN Amro hopes to reduce the risk profile of its corporate activities.
The bank is also closing down the savings activities of subisidiary Moneyou, causing 147 employees to lose their jobs. The savings activities are not profitable and the bank does not foresee improvement in the savings banking market in the near future. The mortgage activities of Moneyou will remain largely unaffected.
Employee representatives say the job cuts are a big blow for the employees losing their jobs, but also state that the bank has a solid social plan in place.
Eurofound (2020), ABN Amro, Internal restructuring in Netherlands, factsheet number 101537, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101537.
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