More job cuts possible at ABN Amro

ABN Amro is planning more job cuts in a 200 million euro cutback plan announced with the bank's half-year figures on Wednesday. According to CEO Gerrit Zalm, in the next few weeks the bank will discuss the job cuts with the works council, after which it should be clear how big the job losses will be, the Telegraaf reports. Most of the job cuts will happen in supporting and monitoring departments, like human resources, financial administration and accounting. In the previous quarter ABN Amro saw its net profit fall 35 percent to 391 million euros. This was mostly due to a 271 million euro settlement pad around interest rate derivatives. If that is left out of the calculation, the bank's profit increased wit 10 percent to 662 million euros. Zalm expects that ABN Amro's interest income will come under pressure, causing the bank to