London — ABN Amro plans to cut 60 of its 100 senior
management jobs and reduce the number of top executives by more than
half in a revamp that reflects the bank’s shrinking size.
A new management board will include the heads of retail, commercial, corporate and institutional, and private banking, the Amsterdam-based lender said on Monday. It will include CEO Kees van Dijkhuizen as well as the vice-chairman and a chief financial officer still to be appointed.
"In recent years, the bank’s total staff has decreased significantly, but the size of the senior management level has remained unchanged," Van Dijkhuizen said. "The structure and composition of the management level below the executive committee will be reviewed: reduced in size, with a stronger strategic involvement."
ABN Amro, which is controlled by the Dutch state, said in November it would cut 1,500 jobs in intensified cost reductions. The bank, which employed 26,500 people last year, said its total workforce was expected to drop 13% by 2020. The Dutch government has said it plans to gradually get out of its holding.
The composition of the new 40-executive structure would be reviewed yearly. The number of executives on the managing board and the senior managing directors would be reduced to nine from 19.
The bank said Chris Vogelzang would resign as management board member for retail and private banking after eight years in the role.
Bloomberg
A new management board will include the heads of retail, commercial, corporate and institutional, and private banking, the Amsterdam-based lender said on Monday. It will include CEO Kees van Dijkhuizen as well as the vice-chairman and a chief financial officer still to be appointed.
"In recent years, the bank’s total staff has decreased significantly, but the size of the senior management level has remained unchanged," Van Dijkhuizen said. "The structure and composition of the management level below the executive committee will be reviewed: reduced in size, with a stronger strategic involvement."
ABN Amro, which is controlled by the Dutch state, said in November it would cut 1,500 jobs in intensified cost reductions. The bank, which employed 26,500 people last year, said its total workforce was expected to drop 13% by 2020. The Dutch government has said it plans to gradually get out of its holding.
The composition of the new 40-executive structure would be reviewed yearly. The number of executives on the managing board and the senior managing directors would be reduced to nine from 19.
The bank said Chris Vogelzang would resign as management board member for retail and private banking after eight years in the role.
Bloomberg
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