ABN Amro Quarterly Profit Rises 19%; Bank to Cut 1,500 Jobs
- Job cuts needed to finance spending on digital technology
- Government has said it plans to eventually sell its stake
ABN Amro's CFO Says Cost Control Is Very Important
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ABN Amro Group NV, the state-controlled Dutch lender that returned to the stock market last year, reported a 19 percent jump in third-quarter profit and said it would cut 1,500 jobs as it steps up cost reductions.
Underlying net income, which strips out one-time items, rose to 607 million euros ($652 million) from 509 million euros a year earlier, the Amsterdam-based company said in a statement on Wednesday. That beat the 454 million-euro average of six analyst estimates compiled by Bloomberg.