Dutch Bank ABN AMRO to Cut 5,200 Jobs Under New 2028 Plan
Work News | New Stardom
Trend Analysis
Photo by Guilhem Vellut / CC BY 2.0
ABN AMRO outlined a five-year strategy that includes cutting about 5,200 full-time positions by 2028, which is almost a quarter of its workforce, as chief executive Marguerite Bérard targets a return on equity of at least 12 percent and a cost-to-income ratio below 55 percent.
The market reaction was immediate as ABN AMRO shares rose about 4 percent on Tuesday, placing the stock at the top of the AEX index after the bank published its new targets and capital plans.
The bank expects about half of the reduction to come through attrition. The remainder will result from organisational changes tied to cost cuts, process consolidation and the phase-out of legacy systems. Management says a social plan will be in place for employees affected by the restructuring.
Corporate-bank units may see deeper restructuring given they are the focus of the RWA reduction. Job cuts in less profitable divisions could accelerate.
Several major European banks are making similar adjustments. Deutsche Bank is eliminating thousands of roles as part of its long-running restructuring, while Lloyds is scaling back administrative posts as more routine work moves into automated systems. HSBC is removing costs from its European operations to meet its 2026 savings target, and both UniCredit and Santander have been pulling out of business lines that produce thin returns. Together, these moves reflect a sector under pressure to simplify, cut costs and concentrate on activities that hold their margins, which is the same direction ABN AMRO is now taking.
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