Feeds

ABN Amro slashes IT workforce

One in four techies to lose jobs

  • alert
  • submit to reddit

Top three mobile application threats

IT workers will be hit particularly hard by proposed job cuts at ABN Amro. A quarter - 1,200 out of 5,000 full time IT workers at the bank - will lose their jobs over the next 18 months under a proposed restructuring plan.

The 1,200 lost IT jobs (achieved through consolidation, partial outsourcing and offshoring) make up a total of 2,850 jobs the Dutch-based bank is hoping to shed as part of plans to save €770m per year from 2007 onwards. "Depending on the extent to which we choose outsourcing as a solution for certain activities, we anticipate that an additional number of staff will be transferred to other employers in the future," the bank said.

ABN Amro also intends to lose 1,100 jobs at its investment banking and corporate lending business, which along with IT will bear the brunt of the job cuts. In the group as a whole around 3 per cent of workers will be forced to look for work elsewhere.

ABN Amro will take a one-off charge of €530m this year in implementing these cuts. The company says its profit forecast is unaffected by its job cuts announcement. The bank began telling staff about the likely impact of the cuts last week. The restructuring is designed to stem a decline in operating profit at the bank that is been felt across the banking industry.

Deutsche Bank AG and Credit Suisse Group also announced job cuts earlier this month, Bloomberg reports. A drop in US mortgage revenues due to higher interest rates has compounded the problems ABN Amro faces in a difficult market, it adds. ®

Related stories

Barclays to cut IT staff
Co-op IT staff to strike over SCC outsourcing gig
IBM wins $5bn JP Morgan outsourcing deal
Offshoring inevitable, so get over it

3 Big data security analytics techniques

Whitepapers

Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.