Restructuring events
European Restructuring Monitor (ERM)
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.
The state-owned Dutch ABN-Amro Bank Group is to cut 400 jobs by the end of 2015 in its commercial and merchant banking services.
As announced the restructuring is a cost saving measure linked with a 17pc profit loss during the 1st 2013 quarter and is considered as the last round of job reduction measures taken after the integration between Fortis and ABN-Amro (both nationalised after the crisis).
Additionally, according to the bank’s 2012 annual report, around 1-3 pc drop in the job numbers is expected in the following years, due to a switch of consumer needs towards phone or internet banking and the modernization of the information technology services.
The bank has announced earlier 2,350 job cuts (see here).
Eurofound (2013), ABN-Amro, Internal restructuring in Netherlands, factsheet number 75666, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75666.