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ABN Amro Cuts a Third of Investment Bank After Virus Losses

  • As many as 800 jobs may go as division winds down businesses
  • Trade and commodity finance operations to be dropped entirely
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WATCH: CFO Clifford Abrahams discusses the firm’s decision to exit all corporate finance outside Europe.

(Source: Bloomberg)

Updated on

ABN Amro Bank NV will cut its investment bank by about a third and shut down lending outside of Europe as the Dutch bank tries to turn around business hit hard by the market chaos caused by the coronavirus crisis.

ABN Amro will stop providing corporate finance outside Europe and exit trade and commodity financing altogether, the Dutch bank said on Wednesday. As many as 800 jobs could be lost over three to four years as the investment bank pulls back from activities that currently bring in about 45% of client loans.