Just when investment bankers thought that it was safe to enjoy Xmas and that there couldn't possibly be any more bad news about jobs before 'the season of goodwill', yet another bank has come out and confirmed cuts.
Dutch bank ABN Amro has just announced plans to cut 2,850 jobs in the coming months, about 3% of its total workforce. The bank has said that it will be advising staff of a number of decisions later today, although it is too early to provide specific details. Having said this, it seems that most of the job cuts will come in Europe, in investment banking and corporate lending. According to The Wall Street Journal, 73% of the roles affected will be in Europe, Middle East and Africa. 28% of the total will come from job cuts in the Netherlands, 22% of the total from the UK. Job cuts in the rest of the EMEA sector (24 countries) are said likely to account for 23% of the total cuts. 8% of the total will come in the US, 6% across 7 countries in the Americas and 13% across the Asia Pacific region.
1,150 jobs are said likely to be cut in global markets, global clients and wholesale clients. 1,200 jobs are likely to go in IT in the next 18 months and about 500 HR jobs around the world, approximately half in the Netherlands, will go in the same time period.