ABN Amro managers sound alarm over inadequate leadership

A group of 21 high-level managers at ABN Amro contacted the Dutch supervisors on the financial markets to raise alarm about the lack of leadership at the bank. CEO Kees van Dijkhuizen is not a leader and the bank has basically no strategy, they write in a letter to DNB and AFM. The Ministry of Finance was also warned, NOS reports.

In the letter, the managers warn that the bank is at risk of imploding. They worry that ABN Amro will be taken over if no action is taken. They sent this letter to the Dutch regulators in January, before president-commissioner Olga Zoutendijk announced her resignation. Her departure did not alleviate their concerns. "The situation is still dire", the managers now said to Financieele Dagblad. The bank's direction is unclear and the "top and sub-top are fighting each other".

In a reaction, CEO Van DIjhuizen said that the management was completely shaken up and that some employees are disappointed because they did not get the job they wanted, according to NOS. "It takes some getting used to, but I notice that trust and peace are returning", he said.

The DNB has been investigating the management culture at ABN Amro for some time.