Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ABN AMRO Bank N.V.    ABN   NL0011540547


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

ABN AMRO Bank N : Dutch bank ABN Amro to shed almost 3,000 jobs in pull back from abroad

11/30/2020 | 04:58am EST
FILE PHOTO: ABN AMRO logo is seen at the headquarters in Amsterdam

AMSTERDAM (Reuters) - Dutch bank ABN Amro said on Monday it would cut almost 3,000 jobs by 2024 as it retreats to the Netherlands and limits its international exposure to northwest Europe.

ABN, one of the three dominant lenders in the Netherlands, said it would cut 15% of its current staff of about 19,000 by 2024, as it seeks to bring down costs by 700 million euros ($838 million) to 4.7 billion euros per year.

Its shares, which have lost almost half their value since the COVID-19 pandemic, fell almost 5% in early trading, after the bank delivered a cautious outlook for the years to 2024.

Once a banking giant with well over 100,000 employees around the world, ABN has already cut tens of thousands of jobs since its bail out by the Dutch state in 2008 as it refocuses mainly on the Dutch market. The state still has a 56% stake.

In August, it said it would end all trade and commodity financing, exiting the United States, Asia, Australia and Brazil, except for clearing operations.

This will cut about 800 jobs, while other cuts would be made "across the bank", mainly from 2022 onwards, Chief Financial Officer Clifford Abrahams told Reuters.

"We will digitise processes, so over time you will need fewer staff, who will have more demanding roles as basic operations are automated," he said, adding that most layoffs would be made through natural attrition.

In its outlook, ABN said it would aim for a core capital adequacy ratio of at least 13% in the 2021-2024 period and return on equity of at least 8%.

"We believe the message for the short term is below consensus when it comes to cost base and capital return expectations," ING analysts wrote in a note.

The bank will consider share buybacks if the so-called CET 1-ratio under Basel IV rules tops 15% and aims to pay out 50% of its net profits as dividend.

Alongside retail, Chief Executive Robert Swaak said his bank would focus on "the energy, digital and mobility transition", and would seek "bolt-on" acquisition opportunities, especially in private banking.

($1 = 0.8352 euros)

(Reporting by Bart Meijer; Editing by Kim Coghill and Vinay Dwivedi)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABN AMRO BANK N.V. 0.72% 8.388 Real-time Quote.3.62%
EURO / BRAZILIAN REAL (EUR/BRL) 0.21% 6.5328 Delayed Quote.4.64%
All news about ABN AMRO BANK N.V.
01/26NEWSMAKER-Andrea Orcel returns to shake up Italian banking
01/25File-sharing firm WeTransfer hires banks for Amsterdam IPO - sources
01/22ABN AMRO BANK N : Some seal bag machines reopened with additional security
01/22ABN AMRO BANK N : Vlerick Business School and ABN AMRO join forces in a partners..
01/21Poland's InPost Looks To Raise Up To $3.9 Billion Via Amsterdam IPO
01/20ABN AMRO BANK N : money laundering probe close to settlement, FD reports
01/19ABN AMRO BANK N : Sustainable coffee – What else?
01/12ABN AMRO BANK N : Weak economy has not gripped housing market yet
01/08ABN AMRO BANK N : Seal bag machines temporarily closed. What are the alternative..
2020LOTTERY SPECIALIST : “You can always say that you've won a small prize&rdq..
More news
Sales 2020 7 924 M 9 579 M 9 579 M
Net income 2020 -377 M -456 M -456 M
Net Debt 2020 - - -
P/E ratio 2020 -29,1x
Yield 2020 0,11%
Capitalization 7 811 M 9 501 M 9 444 M
Capi. / Sales 2020 0,99x
Capi. / Sales 2021 1,04x
Nbr of Employees 18 952
Free-Float 46,9%
Duration : Period :
ABN AMRO Bank N.V. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ABN AMRO BANK N.V.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Average target price 9,93 €
Last Close Price 8,31 €
Spread / Highest target 92,5%
Spread / Average Target 19,5%
Spread / Lowest Target -29,0%
EPS Revisions
Managers and Directors
Robert Swaak Chairman-Executive Board & Chief Executive Officer
Tom de Swaan Chairman-Supervisory Board
Clifford Abrahams Vice Chairman-Executive Board & CFO
Christian Bornfeld Chief Innovation & Technology Officer
Jurgen Stegmann Member-Supervisory Board
Sector and Competitors