Dutch bank ABN Amro to cut 3,000 jobs
Dutch bank ABN Amro will cut almost 3,000 jobs by 2024, as it looks to bring down costs by €700m to €4.7bn per year.
In an update before its annual investors day, the bank also said it would aim for a core capital adequacy ratio of at least 13%, and consider share buybacks if the so-called CET 1-ratio under Basel IV rules topped 15%.
The measures are needed to deliver a return on equity of 8% by 2024, the largely state-owned bank said.
ABN Amro is one of three dominant lenders in the Netherlands. The move will mean 15 per cent of its current 19,000 staff will be let go.
ABN Amro reported expectation-beating results in Q3 this year, despite posting a 46 per cent drop in third quarter profit as losses on bad loans due to the Covid-19 pandemic rose less than expected.
The Dutch lender posted a net profit of €301m for the three months to September, beating bank-compiled analyst forecasts of €111m, but almost half the €558m profit posted for the same period last year.