Dutch bank ABN AMRO is to cut 2,350 jobs over the next three to four years with losses expected in its private banking and retail divisions.
A bank spokesman said the cuts would mostly affect its retail unit as part of an efficiency drive that would hit its IT and back office functions hardest.
Staff numbers at its international private banking division will not be affected and are set to increase as the Dutch bank expands in Asia and the Eurozone, the spokesman said.
ABN sells Swiss unit
It follows ABN AMRO’s sale of its Swiss private banking business to Union Bancaire Privée (UBP) in a bid to focus on a growth in Asian markets.
ABN AMRO said the sell-off followed a strategic review that decided to focus the bank’s private banking activities on strengthening its top three spot in the Eurozone and to accelerate its growth in Asian markets – centred on its offices in Hong Kong and Singapore.
ABN AMRO said it expected 1,500 redundancies and 850 positions to be lost through natural attrition.