ABN AMRO is to reduce its North American workforce by 5 per cent, or approximately 900 jobs, in 2007.
The staff reductions within the Business Unit North America will affect LaSalle Bank Corporation and its subsidiaries and ABN AMRO’s global businesses operating in the US.
ABN AMRO announced alongside its third-quarter results that it is taking steps to lower expenses and improve the operational performance of businesses in mature markets such as the US. The North American staff reductions are part of this effort.
The staff reductions, which will occur across nearly all areas of the bank and at all major locations within the ABN Amro North America. The bank says their cuts “represent a strategic decision to better focus resources on the businesses and client relationships that are at the core of ABN AMRO’s expertise in North America.”
“These kinds of decisions are never easy to make,” says Norman R. Bobins, head of ABN AMRO’s North American Business Unit. “In today’s competitive environment, however, it is imperative that we take a hard look at our clients’ needs and align our resources accordingly. With these staff reductions, we will enable our organization to more proficiently address the demands of our market.”
The majority of the staff reductions are scheduled to take place before mid-year 2007. More details will be disclosed in ABN AMRO’s annual results announcement on 8 February 2007.