Internal restructuring
Location of affected unit(s)
Netherlands, UK
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

2,850 jobs
Number of planned job losses
Job loss
250 jobs
Number of planned job creations
Job creation
Announcement Date
16 December 2004
Employment effect (start)
1 January 2005
Foreseen end date


The Netherlands' biggest bank ABN AMRO is axing 2,850 jobs or 3% of staff as it seeks to cut its costs and restructure its investment banking business. The bank, employing about 104,000 people worldwide, announced on Thursday 16 November it will take a net one-off charge of 530 million euros this year and expects to realise annual cost-savings of 770 million euros from 2007.

ABN AMRO, which has cut about 10,000 jobs over the last four years to cope with stagnant markets, said more back office technology jobs could go through outsourcing and offshoring.

The bank declined to provide details on 1,350 jobs being axed in its wholesale investment bank unit but said it was also planning to hire 250 new bankers as part of an expansion into the derivative and structured finance areas. It also plans to invest in Asia.

About 250 to 275 of the wholesale bank job cuts will be in London, where the bank employs around 3,000 staff.


  • 16 December 2004: ABN Amro - Press releases
  • 17 December 2004: Financial Times Deutschland


Eurofound (2004), ABN Amro, Internal restructuring in World, factsheet number 60947, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60947.