ABN Amro to cut 1,375 jobs

ABN Amro plans to cut up to 1,375 jobs by 2020 in an effort to have the bank work more efficiently and save a structural 200 million euros a year, according to a request for advice the ABN Amro management sent to the works council on Monday, NU.nl reports. According to the plans, between 625 and 950 jobs will disappear next year. By 2020 the bank wants between 975 to a total of 1,375 jobs scrapped. These jobs will disappear through the natural staff turnover and elimination of existing vacancies, but forced redundancies can not be ruled. out. The works council still hast to approve the plan. This round of job cuts will affect both supporting and monitoring services, as well as both internal and external employees. Jobs will also disappear both in the Netherlands and abroad. "The intention is to achieve as much savings as possible by reducing the number of external employees. However, the impact will be greatest for our internal employees", the document reads. ABN Amro hopes that the reorganization will make the bank simpler and more agile. According to the bank, it is facing a "considerable number of challenges" various angles. "Customers and regulators force us to respond more quickly to changing needs." The bank's margins are also challenged by new and existing providers offering different and cheaper products and services.