ABN Amro to Cut About 2,800 Jobs as Investment Bank Shrinks

Extra dividends to be paid only if CET1 ratio exceeds 15%
Costs expected to increase next year on investments, levies

ABN Amro Plans to Reduce Workforce by 15% in Cost-Cutting Plan

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By Ruben Munsterman

November 30, 2020 at 6:45 AM UTC

Updated on

November 30, 2020 at 10:57 AM UTC

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ABN Amro Bank NV plans to cut about 2,800 jobs over four years as the Dutch lender retreats from large parts of its investment bank and digitization allows it to operate with a smaller staff.

The company plans to reduce costs by about 700 million ($840 million) by 2024 to 4.7 billion euros. The workforce will shrink by about 15%, with most reductions to start in 2022, Chief Executive Officer Robert Swaak said in an investor update on Monday.