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

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ABN Amro to slash 800 jobs as it exits 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."

 

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