Bloomberg News reports that about half of the roles are support functions, said Arien Bikker, a spokesman for the bank. ABN Amro will also stop offering its own structured products, according to an e-mailed statement.
Tighter regulatory requirements, changing client needs and high technology costs led ABN Amro to review its markets activities, which are part of its Merchant Banking unit, it said. The company will continue to offer foreign exchange, rates and commodity derivatives, securities financing, credit bonds and equity brokerage and research.
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