ABN Amro announced that it plans to cut 5,200 full-time roles by 2028 as the Dutch lender moves to meet its cost-reduction commitments and sharpen its focus on core businesses.
The cuts — representing more than one-fifth of the bank’s workforce — will span all business units, including recently acquired Hauck Aufhäuser Lampe and NIBC Bank, Chief Executive Marguerite Bérard said.
Shares in ABN Amro opened more than 4% higher after the announcement, which was released ahead of the bank’s capital markets day.
The group also revealed that it is selling its personal loan unit, Alfam, to domestic rival Rabobank and will reduce risk-weighted assets in its corporate banking arm by €10 billion (£8.5 billion) over the next three years.
Although the sale of Alfam is expected to result in a book loss of about €100 million, it should still contribute a positive five basis points to ABN Amro’s Common Equity Tier 1 ratio, a key gauge of capital strength, the bank said.
Under its 2028 strategic roadmap, ABN Amro is targeting a return on equity of at least 12% and intends to distribute up to 100% of capital generated to shareholders between 2026 and 2028. Additional targets include annual income exceeding €10 billion and maintaining a CET1 ratio above 13.75%.
Valued at roughly €16 billion, ABN Amro has been one of the strongest performers as European banking stocks rallied over the past two years. The surge has been supported by elevated interest rates — now easing — and persistently solid earnings, enabling eurozone banks to build significant capital reserves in a sector viewed as ripe for consolidation.
The lender has also been the subject of ongoing market speculation as a potential takeover candidate, with the Dutch government gradually selling down the stake it retained following ABN Amro’s nationalisation during the 2008 financial crisis.
Bérard, who assumed the role of chief executive in early 2025, welcomed the state’s disposal of shares but dismissed suggestions of a takeover. “We are building ABN Amro’s future on its own strength,” she said.
