ABN Amro Bank NV is set to cut 70% of its headcount in New York by the end of the year as part of its strategy to focus on European markets.
(Bloomberg) — ABN Amro Bank NV is set to cut 70% of its headcount in New York by the end of the year as part of its strategy to focus on European markets.
The bank will reduce 52 of its 73 roles in the city this year, according to a filing with the New York Department of Labor.
ABN is “nearing the completion” of its plan to withdraw “from countries outside northwest Europe,” Eunice Koekkoek, a spokesperson for bank, said in an emailed response. By contrast, ABN Amro Clearing Bank staff will continue to operate from “all their locations,” she said.
ABN Amro said in August 2020 it will stop providing corporate finance outside Europe and exit trade and commodity financing altogether, with as many as 800 jobs potentially getting eliminated as a result. The recent job cuts in New York were first reported by Finance News.
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