Dutch bank ABN Amro cuts 100 jobs in markets business overhaul
(Reuters) - Dutch state-owned bank ABN Amro said it will close its markets activities in Asia and stop selling equity derivatives products and its own structured products in other regions, leading to 100 job cuts.
The move follows a review of the markets operations, part of ABN's merchant banking business, which had approximately 300 full-time employees and revenue of around 260 million euros (£211 million) at the end of 2013.
Around 100 jobs will be cut in the market business and supporting activities, an ABN Amro spokesman said on Tuesday.
The bank, which was bailed out by the Dutch government during the financial crisis, said the markets business will offer foreign exchange, rates & commodity derivatives, securities financing, credit bonds and equity brokerage & research.
Markets "will be more focused and purely client led," ABN Amro said.
In the Netherlands, markets will expand the online product offering to commercial clients and its five regional treasury desks will be merged into a centralised office. In Europe, ABN Amro said it will focus on services for energy, commodities and transportation clients and financial institutions. Markets will remain in the United States, offering products to energy, commodities and transportation clients, financial institutions and Dutch clients.
The business sells structured markets products, mostly to institutional, corporate and private banking clients.
(Reporting by Anthony Deutsch; Editing by Erica Billingham)
