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
2,850 jobs Number of planned job losses
250 jobs Number of planned job creations
Announcement Date
16 December 2004
Employment effect (start)
1 January 2005
Foreseen end date
Description
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.
Sources
16 December 2004: ABN Amro - Press releases
17 December 2004: Financial Times Deutschland
Citation
Eurofound (2004), ABN Amro, Internal restructuring in World, factsheet number 60947, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60947.
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