Dutch bank ABN Amro unveiled plans Thursday to cut another 2,850 jobs in a bid to generate savings of over $1 billion by 2007.
ABN Amro said it will take a one-time net charge of 530 million euros in 2004 for the job cuts.
“Although the magnitude of the one-off charge in the fourth quarter surpasses our expectations (we had estimated a 250 million euro charge for global shared services), especially at its wholesale clients unit, the cost savings projected in return appear favorable,” said Dutch broker SNS Securities.
For this complete story, please visit Dutch Bank ABN Amro Plans 2,850 Job Cuts.
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