ABN AMRO to cut a quarter of jobs by 2028

ABN AMRO has announced that it will cut 5.200 jobs over the coming years, nearly a quarter of its workforce, in a bid to cut costs and increase profits.

ABN AMRO cutting thousands of jobs

As part of a financial strategy released on Tuesday, the Dutch bank announced that it plans to cut 5.200 full-time jobs by 2028 compared to 2024. 1.000 have already been cut so far in 2025. Around half of the cuts should be achieved through natural staff turnover (when employees retire, resign, or work contracts expire), but the rest will be redundancies across a range of departments. 

ABN AMRO CEO Marguerite Bérard said the move was an attempt to “right-size” the bank’s cost pace and increase its profitability. She promised a “robust social plan” for the affected employees, including financial support and help in finding a new job. 

“While these ambitions will shape our actions and investments in the coming years, I understand that changes to our cost base, especially reducing FTEs, bring uncertainty for our colleagues. We are fully committed to supporting everyone affected,” she said in a press release. 

Dutch bank looking to opportunities in western Europe

The new financial strategy marks a change in direction for ABN AMRO, which is seeking to enhance its competitiveness in northwestern Europe by investing in “higher-return segments and products”, such as acquiring the commercial bank NIBC, an important mortgage lender in the Netherlands, focusing more effort on wealth management, and investing in competitors like the popular payments app Tikkie. 

ABN AMRO will also sell its personal loan subsidiary, Alfam, to Rabobank, and in future offer all loans via a third-party arrangement with Rabobank, NU reports.