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ABN AMRO Layoffs

ABN AMRO Layoffs

900 job cuts planned in 2007

December 28, 2006

By COCO SALAZAR

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


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