Job cuts at ABN

31 October 2007

ABN Amro is looking to launch a round of job cuts while attempting to keep hold of some of its top-performing employees.

The bank has announced that it will be cutting as many as 19,000 jobs, the majority of which will be in the Netherlands, but it is also understood to be desperate to hold onto its top revenue-generating stars.

The move comes as part of an effort to boost the bank's performance following its high-profile $102.5 billion takeover by a consortium led by RBS earlier this year.

RBS is understood to be feeling the pressure to effect a quick turnaround in ABN's performance following the success it had when it bought rival NatWest seven years ago, Reuters reports.

Commenting on the planned job cuts, Jonathan Evans, managing director of executive search firm Sammons Associates, told Reuters: "You'll see a combination of redundancies and in the most important areas in terms of revenue generation ... you will see key players who are being locked in."

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