ABN Amro axes 6,500 jobs in Fortis integration - by Tom Bawden
ABN Amro announced plans to cut up to 6,500 jobs, or 10 per cent of its workforce, as the Dutch bank looks to reduce costs as part of its integration with Fortis Bank Nederland.The job cuts came as Lloyds Banking Group said it would eliminate another 625 jobs across the UK and Wales in its wholesale banking division, as part of the integration of its HBOS business. ABN said the net job loss would be between 5,500 and 6,500. The group also plans to create 1,500 new positions. The cuts are designed to save the merged entity between €1 billion and €1.3 billion.
The Dutch government bought Fortis Bank Nederland last October, while in December it replaced Fortis as the dominant shareholder of ABN Amro.
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