ABN Amro to slash 800 jobs as bank quits corporate finance outside Europe

AMSTERDAM - ABN Amro Bank will stop providing corporate finance outside Europe and exit trade and commodity financing altogether as the Dutch bank tries to turn around an investment banking division hit hard by market chaos caused by the coronavirus crisis.

"Clearing has taken several de-risking measures in the past months following a large loss incurred earlier this year," it said. The bank said it expects additional impairments related to job losses and the wind down of corporate loans. The investment bank"has been unable to generate the required profitability at an acceptable risk level," the bank said said. Efforts to lower risk since 2018"were unfortunately insufficient. The results were further impacted by recent volatility and a downturn in certain markets."

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lebanon finance minister quits in 4th government resignationBEIRUT (AFP) - Lebanon's finance minister stepped down on Monday (Aug 10) in the fourth resignation from a government under fire over the deadly port blast that ripped through the capital, a ministry official told AFP.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Canadian finance minister could lose job amid dispute over COVID-19 response: ReportsCanadian Finance Minister Bill Morneau could lose his job amid disagreements with Prime Minister Justin Trudeau over how to steer the economy ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »