ABN Amro to offer sweetener to retain staff

11 April 2007

Barclays Bank takeover target ABN Amro has announced plans to ensure the retention of staff should the buyout bid be accepted, according to recent reports citing unnamed sources.

In order to retain its corporate and investment bank staff while the takeover is being enacted, ABN Amro will offer a financial sweetener that bonuses will be at least as big as they were in 2006.

However, the plan has been some by analysts as being a short term fix for staff who were looking for greater assurance that they will not lose their jobs as a result of the merger.

Jason Kennedy, of recruitment company Kennedy Associates, told Bloomberg: "They're not offering any great bargain. People are looking for long-term certainty. I've received a number of e-mails from ABN Amro staff already asking what's out there.''

Last month it was announced that Barclays and ABN Amro had agreed to some initial terms during their exclusive negotiations, including moving the new venture's office to Amsterdam.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development