ABN AMRO to cut 400 jobs

Suzie Neuwirth

DUTCH bank ABN AMRO today announced that it plans to slash 400 jobs after first quarter profits plunged 17 per cent.

The state-owned bank is looking to cut costs and streamline its commercial and merchant banking operations.

“The first quarter of 2013 can be qualified as a difficult quarter,” said chairman Gerrit Zalm.

“The Dutch economy has not recovered and both the number of bankruptcies and unemployment levels continued to rise.”