ABN Amro has announced plans to cut 5,200 full-time positions by 2028 as part of a broader strategy to reduce costs and focus on its core business activities.
The Dutch bank’s planned job cuts will affect more than 20% of its employees across all divisions, its chief executive Marguerite Bérard told Reuters.
The affected divisions include the recently acquired Hauck Aufhäuser Lampe and NIBC Bank.
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The announcement comes as the bank sets out its new strategy and financial objectives for the 2026-2028 period.
ABN Amro’s updated strategy focuses on accelerating profitable growth, reducing the cost base, and allocating capital to areas with the highest returns.
The bank aims to achieve a return on equity of at least 12%, a cost-to-income ratio below 55%, income of over €10bn ($11.57bn), and a CET1 capital ratio above 13.75% by 2028.
ABN Amro intends to lower capital allocation to its corporate bank to around 50% and strengthen its Dutch retail banking position through digital initiatives and investments in brands such as Tikkie and BUUT.
The bank is also simplifying its organisational structure, reducing the number of legal entities, and modernising its technology infrastructure.
ABN AMRO CEO Marguerite Bérard said: “Today, we present a bold strategy for ABN AMRO’s next chapter. Anchored in our strong roots and Dutch heritage, our focus is on sustainable and profitable growth in Northwest Europe.
“Central to our strategy are five strategic long-term ambitions. We aim to strengthen our position in Dutch retail banking, offering a premium touch client experience. We will become a top-five private bank in Europe.
“Supporting family wealth and businesses remains a key priority, as they are the backbone of the economy.
“In addition, we will drive growth by supporting key European transitions in areas such as digitalisation, energy, mobility, and defence. Finally, we are committed to sustaining our global top-three position in clearing.”
In a separate development, ABN Amro has agreed to sell its personal loan subsidiary Alfam to Rabobank, a Netherlands-based banking and financial services company.
The sale is expected to improve ABN Amro’s CET1 capital ratio by around five basis points, with a reduction in risk-weighted assets of around €1.2bn and an anticipated book loss of about €100m.
The transaction, subject to regulatory and works council approval, is expected to close in the third quarter of 2026.
Upon closing, ABN Amro will continue to offer personal loans to its clients through a third-party arrangement with Rabobank.
The bank’s leadership team is set to remain stable, with the supervisory board planning to nominate three chief commercial officers for a second four-year term, pending regulatory and works council approval.
Bérard added: “While these ambitions will shape our actions and investments in the coming years, I understand that changes to our cost base, especially reducing FTEs, bring uncertainty for our colleagues.
“We are fully committed to supporting everyone affected with a robust social plan, offering financial support and assistance in finding new opportunities.
“Our new strategy builds on our core strengths. We have two hundred years of banking heritage and trust. By pursuing our strategic ambitions, we will define our own future based on our own strengths.”
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