ABN Amro scraps 1,500 jobs in cutback plan

ABN Amro is implementing more cutbacks that will result in 1,500 lost jobs, the bank announced on Wednesday at the presentation of its qurterly results, the Telegraaf reports.

This new round of cutbacks could yield some 400 million euros in savings and comes in addition to reorganization plans already announced in recent months. The bank currently employs 26,500 people. By 2020 that number will be cut to 23 thousand.

The bank expects to realize the expected savings through ongoing digitization of works and by working more efficiently. "We want to take the next step to provide our customers with innovative digital solutions", CEO Gerrit Zalm said about the plans.

In the previous quarter the bank saw its profits rise by almost a fifth to 607 million euros. The first nine months of the year yielded a plus of 1.7 billion euros, 5 percent more than the same period last year.