The Netherlands-headquartered group, which has conducted a number of M&A deals on the retail and private banking side in recent years, said it wants to cut its costs and accelerate profitable growth.

ABN AMRO, which recently reported third-quarter results and said it has agreed to buy fellow Dutch bank NIBC Bank, yesterday said it plans to cut 5,200 full-time jobs, shrinking the workforce from about 22,000 people at the end of 2024.

The addition of people, however, via its acquisition of the German lender HAL and NIBC means that it will have around 22,300 full-time positions by 2028, reports said. (The bank bought Germany-based Hauck Aufhäuser Lampe in 2024. AMRO acquired the business from China-based Fosun for €672 million. It already operates a German private banking business, Bethmann.)

The Netherlands-headquartered lender is making the job cuts as part of its strategy and financial outlook for 2026-28, as announced at its Capital Markets Day.

“There are three strategic priorities for the coming years: accelerating profitable growth, right sizing the bank’s cost base, including a net reduction of the workforce by 5,200 FTEs by 2028 compared to 2024, and deploying capital where it generates the highest returns,” it said.

The bank intends to achieve return on equity of at least 12 per cent in 2028 and take its cost-income ratio under 55 per cent. ABN AMRO wants to achieve a Common Equity Tier 1 ratio – a bank’s capital shock absorber – of above 13.75 per cent. 

“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,” Marguerite Bérard, CEO, said. 

Earlier in November, ABN AMRO reported an 11 per cent fall in profit for the three months to end-September this year, standing at €617 million ($713.9 million). The results were affected by a 69 per cent year-on-year rise in impairment charge and declines in some forms of income. Expenses rose.