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
4,400 - 6,700 jobs Number of planned job losses
Announcement Date
20 November 2002
Employment effect (start)
Foreseen end date
1 December 2004
Description
ABN Amro ranks seventh in Europe and fourteenth in the world based on total assets, with over 3,400 branches in more than 60 countries, a staff of 110,000 full-time equivalents (2001 figures).
November 2002: ABN Amro could accelerate the shrinkage of its wholesale banking unit by cutting a further 2,500 jobs. About 500 jobs will go through natural attrition and the rest are expected to come from the outsourcing of its back-office services to EDS. The bank employs about 21,000 workers in its wholesale operations and has reduced its headcount by 1,900 this year.
The big scale restructuring programme started in 2001 should lead to the cutting of approximately 6700 jobs until the end of 2004.
Sources
21 November 2002: Het Financieele Dagblad
21 November 2002: De Volkskrant
20 November 2002: De Financiële Telegraaf
Citation
Eurofound (2002), ABN Amro, Internal restructuring in World, factsheet number 59956, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59956.
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