ABN Amro IT Staff To Move To EDS

CNN reports that around 2,000 ABN Amro IT staff are to be transferred to technology services firm Electronic Data Systems (EDS) as part of a $1.5bn IT outsourcing deal. Staff in London and Amsterdam, the main IT hubs, are thought most likely to be effected. The bank also confirmed that a further 500 investment banking staff will go through natural wastage.

The transaction, one of the largest IT outsourcing deals in the financial services industry, will result in EDS running a large part of the ABN's investment banking technology operations. The bank is likely to start capturing cost savings as a result of the deal from 2004.

The deal will be finalised towards the end of the year.

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