Dutch banking major ABN Amro plans to shed 60 of its 100 senior management roles as part of a management restructure.
Under the new structure, the remaining 40 senior management positions will have a stronger involvement in the leadership of the bank and the composition of these executives will be reviewed every year.
The bank will now have a new management board including the heads of retail, commercial, corporate and institutional, as well as private banking.
In addition, the bank announced that Chris Vogelzang, responsible for retail and private banking, will resign from the managing board to “prepare for his future outside the bank”.
ABN Amro CEO Kees van Dijkhuizen said: “In recent years, the bank‘s total staff has decreased significantly but the size of the senior management level has remained unchanged. With the changes we are announcing today the number of senior executives (i.e. current members of the Managing Board and the Senior Managing Directors) will be reduced from 19 to 9.
“At the same time, the structure and composition of the management level below the Executive Committee will be reviewed: reduced in size, with a stronger strategic involvement. The specific details of the structure will be completed in the coming weeks. The new management structure marks the new phase that ABN AMRO has entered, by providing a stronger client focus and extensive attention to the business activities at the top executive level.”