ABN Amro to cut North American jobs

2 January 2007

Dutch financial services company ABN Amro has said that it plans to cut its North American workforce by about five per cent in 2007 – the equivalent of 900 jobs.

The bank said that the cuts, which are being made to cut operating costs and improve performance and efficiency, will affect nearly all areas of the banks business in North America in all major locations.

In a statement, ABN Amro said that the cuts represented a "strategic decision" to better focus resources on business and client relationships on the continent.

"These kinds of decisions are never easy to make," commented Norman Bobins, head of ABN Amro's North American unit.

"In today's competitive environment, however, it is imperative that we take a hard look at our clients' needs and align our resources accordingly. With these staff reductions, we will enable our organization to more proficiently address the demands of our market."

The majority of the redundancies are expected to take place in June.

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