ABN Amro to cut 5,200 full-time jobs by 2028
ABN Amro will cut 5,200 full-time jobs by 2028, the bank announced on Tuesday with its new financial strategy. The bank hopes to achieve about half of the job cuts through attrition, but the rest will be layoffs. ABN Amro did not say which departments will be affected.
The bank is attempting to “right-size” its cost base and increase its profitability, new CEO Marguerite Bérard announced. By 2028, ABN Amro wants 5,200 fewer full-time positions than in 2024. So far this year, the bank has already cut over 1,000 full-time jobs. The other 4,200 positions will disappear in the coming years.
ABN Amro did not say where the jobs would be cut, but promised a “robust social plan” for the employees affected, including financial support and help in finding a new job.
“I understand that changes to our cost base, especially reducing FTEs, bring uncertainty for our colleagues. We are fully committed to supporting everyone affected,” said the CEO.
“Today, we present a bold strategy for ABN AMRO’s next chapter. Anchored in our strong roots and Dutch heritage, our focus is on sustainable and profitable growth in Northwest Europe,” Bérard said. As part of expanding its business in Northwest Europe, ABN Amro recently announced that it acquired the Hague-based mortgage bank NIBC.
ABN Amro also announced on Tuesday that it was selling its personal loan subsidiary, Alfam, to Rabobank. In the future, ABN Amro will offer loans to its clients via a third-party arrangement with Rabobank.
Both the acquisition of NIBC and the sell-off of Alfam are still subject to regulatory approval. The bank hopes to complete both transactions sometime next year.
