As par of a reshuffle of responsibilities on its managing board, ABN AMRO has appointed Hugh Scott-Barrett as Chief Operating Officer (COO). He heads a new unit, Group Shared Services, which the bank has set up to lower costs – especially in the back office. As the executive responsible for wholesale banking, Scott-Barrett cut 4,000 jobs in two years, as part of a cost-cutting drive that has seen the Dutch bank shed 10,000 jobs over a three year period. Group Shared Services, which will brings together IT, human resources and procurement, will start operations in January 2004. Its establishment means ABN Amro is almost certain to outsource more functions.
ABN Amro Expected To Outsource More As Scott-Barrett Becomes COO And Head Of New Group Shared Services Division
As par of a reshuffle of responsibilities on its managing board, ABN AMRO has appointed Hugh Scott Barrett as Chief Operating Officer (COO). He heads a new unit, Group Shared Services, which the bank has set up to lower costs
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