Top firm to cut 250 investment bankers

Axe

Cutting around 250 corporate and investment bank jobs, and scaling down its trade and commodity finance.

Bloomberg News reports that Dutch state-controlled bank ABN Amro is edging toward raising its payout to shareholders after a strong second quarter and cuts to its underperforming investment bank.

“Yes, we feel more confident there after this quarter,” Chief Executive Officer Kees van Dijkhuizen said at a press conference when asked about a dividend increase. The higher payout could take the form of either a higher dividend or share buybacks, he said, adding that the bank would take a decision “later in the year.”

ABN’s shares had risen sharply earlier Wednesday after it said it will cut around 250 corporate and investment bank jobs, and scale down its trade and commodity finance and other volatile businesses. ABN also reported better-than-expected developments at its core lending operation, with net income beating the highest analyst estimate and provisions falling back after a sharp rise in the first quarter.

Hit the link below to access the complete Bloomberg News article:

ABN Edges Toward Higher Payout After Pruning Investment Bank

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