Mortgage Daily Logo
mortgage news from industry experts

ABN AMRO Layoffs

ABN AMRO Layoffs

900 job cuts planned in 2007

December 28, 2006


photo of Coco Salazar
ABN AMRO will reduce its U.S. workforce by hundreds of employees.

The Dutch international banker today announced that it will eliminate five percent of its North American business unit’s staff next year — which translates into approximately 900 layoffs.

The job cuts are part of ABN AMRO’s previously announced effort “to lower expenses and improve the operational performance of businesses in mature markets such as the U.S.,” the Netherlands-based company said.

“These kinds of decisions are never easy to make,” said Norman R. Bobins, head of the unit, in the written statement. “In today’s competitive environment, however, it is imperative that we take a hard look at our clients’ needs and align our resources accordingly. With these staff reductions, we will enable our organization to more proficiently address the demands of our market.”

While ABN AMRO is not releasing a breakdown of the layoffs, spokesman Shawn Platt confirmed there are “certainly” mortgage jobs involved in the reduction.

The staff reductions will affect LaSalle Bank Corp. and its subsidiaries and ABN AMRO’s global businesses operating in the United States, according to the announcement. They will occur across nearly all areas of the bank and at all major locations within the North American business unit.

The majority of the staff reductions are scheduled to take place before mid-year 2007, ABN AMRO said, adding that it will disclose further details in the annual results announcement on Feb. 8, 2007.

The workforce reduction announcement comes amid speculation that ABN AMRO may be interested in selling its mortgage division.

ABN AMRO previously told it will layoff 200 servicing employees by the end of July 2007 from ABN AMRO Mortgage Group Inc., a LaSalle subsidiary.

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts