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.
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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.
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By GlobalDataABN 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.
