Dutch bank ABN Amro said today it would cut almost 3,000 jobs in the coming years, as it focuses on profitable activities in the Netherlands and northwest Europe.
ABN, one of the three dominant lenders in the Netherlands, said it would cut 15% of its current staff of about 19,000 by 2024.
It is looking to bring down costs by €700m to €4.7 billion a year.
The announcement follows ABN move in August to end all trade and commodity financing, exiting the US, Asia, Australia and Brazil, except for clearing operations.
"We will be a personal bank in the digital age, serving clients where we have scale in the Netherlands and Northwest Europe," chief executive Robert Swaak said in an update before ABN's annual investors day.
Next to its retail operations, Swaak said his bank would focus on "the energy, digital and mobility transition", and would look for "bolt-on" acquisition opportunities, especially in private banking.
In its strategy update, ABN also said it would aim for a core capital adequacy ratio of at least 13%, and consider share buybacks if the so-called CET 1-ratio under Basel IV rules topped 15%.
The measures are needed to deliver a return on equity of 8% by 2024, the largely state-owned bank said.
Since its bailout by the Dutch state in 2008, ABN has already cut thousands of jobs as it refocused its operations and orientation mainly on the Dutch market.
ABN Amro was re-privatised in 2015, but the Dutch state still owns 56% of the shares and has not sold any since September 2017.
