RESTRUCTURING
ABN Amro aims to cut number of top jobs
ABN Amro plans to reduce the number of top executives by more than half in a revamp that reflects the bank’s shrinking size
London/Zurich — ABN Amro plans to cut 60 of its 100 senior management jobs and reduce the number of top executives by more than half in a revamp that reflects the bank’s shrinking size. A new management board will include the heads of retail, commercial, corporate and institutional and private banking, the Amsterdam-based lender said in a statement on Monday. It will include CEO Kees van Dijkhuizen as well as the vice-chairman and a chief financial officer who has not yet been appointed. "ABN Amro has done a lot of restructuring and I think the top structure was not completely aligned with the rest of the company," said Bart Horsten, an Amsterdam-based analyst at Kempen & Co who rates the stock buy. "It will make the company a bit more lean and mean in terms of decision making," he said. ABN Amro, which is 70% owned by the Dutch government following a state rescue, said in November it would cut 1,500 jobs as it steps up cost reductions. The bank, which employed 26,500 people in 2016...
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