Among the changes, Chris Vogelzang, who has been responsible for retail and private banking for eight years, will resign from the managing board to “prepare for his future outside the bank,” according to a statement.

Meanwhile, the executive board will include: Kees van Dijkhuizen, chief executive; Johan van Hall, vice chairman (who will also be responsible for technology and innovation); Wietze Reehoorn, chief risk officer; and a chief financial officer who has yet to be named.

Chaired by van Dijkhuizen, the executive committee will include: Frans van der Horst, CEO of retail banking; Daphne de Kluis, CEO of commercial banking; Rutger van Nouhuijs, CEO of corporate and institutional banking; Pieter van Mierlo, CEO of private banking; and Gert-Jan Meppelink, chief of human resources and transformation.

Overall, the number of executive positions will be reduced from 100 to around 40, but these will have “a stronger involvement in the strategic direction and the leadership of the bank than before,” it said.

“In recent years, the bank's total staff has decreased significantly but the size of the senior management level has remained unchanged,” van Dijkhuizen said. “The new management structure marks the new phase that ABN AMRO has entered, by providing a stronger client focus and extensive attention to the business activities at the top executive level.”

ABN AMRO reportedly said in November that it would cut 1,500 jobs as it ramps up cost reductions (source: Bloomberg).

“ABN Amro has done a lot of restructuring and I think the top structure was not completely aligned with the rest of the company,” Bart Horsten, an analyst at Kempen & Co, is quoted as saying by the news service. “It will make the company a bit more lean and mean in terms of decision making.”

Separately, in December 2016, Liechtenstein-headquartered LGT agreed to buy the firm's private banking businesses in Hong Kong, Singapore and Dubai (see here).