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
2,300 - 3,500 jobs Number of planned job losses
Announcement Date
24 June 2005
Employment effect (start)
Foreseen end date
30 March 2007
Description
Dutch bank ABN Amro Holding NV(ABN) will outsource 2,300 information technology jobs in an effort to reduce costs, company spokesman Sierk Nawijn said. 'We will eventually only keep around 1,200 jobs in our own information technology department', Nawijn said. The bank had previously announced it would cut 1,500 jobs in that department (700 of them in the Netherlands). The company is in talks with International Business Machines Corp. (IBM) on a deal which may involve some of the employees that are to be outsourced. The job restructuring forms part of a company-wide program designed to save €770 million in annual costs beginning in 2007. ABN Amro has a staff worldwide of about 97,000.
On 1 September 2005, ABN AMRO announced it has signed an information technology (IT) outsourcing agreement, worth €1.8 billion, with several IT companies, including U.S. IBM and Indian Tata Consultancy Services. ABN AMRO will transfer 2,000 jobs to the involved companies, most of which to IBM. In addition, the bank will cut, as earlier announced, some 1,500 jobs. The outsourcing agreement is part of a cost-cutting programme of ABN AMRO and is expected to bring annual savings of at least €258 million as of 2007.
Under this agreement, IBM will manage the IT infrastructure of ABN AMRO. Indian Tata Consultancy Services and Infosys Technologies will be responsible for software applications.
In addition, Accenture, Infosys, Patni Computer Systems, Tata Consultancy Services and IBM will be in charge of application development.
Sources
1 September 2005: ABN Amro - Press release
24 June 2005: De Financiële Telegraaf
2 September 2005: De Tijd
Citation
Eurofound (2005), ABN Amro, Internal restructuring in World, factsheet number 61877, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61877.
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