Dutch Bank to Cut Nearly 3,000 Jobs
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Dutch Bank ABN Amro NV said Thursday it will cut 2,850 jobs in dozens of countries in an effort to save euro770 million (around US$1 billion) annually from 2007.
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The company announced the firings on Thursday along with a restructuring plan that included layoffs of about 3,500 employees.
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The Wall Street Journal reports that the No. 3 cell phone operator in the country is preparing to lay off thousands of workers to help get its business back on track.
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Germany's leading bank, Deutsche Bank, is to tell its employees next week of plans to cut some 2,000 jobs to increase profitability, according to a report.
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Deutsche Bank says it will cut 3,280 jobs outside Germany and reports a sharp rise in profits.
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CHARLOTTE, N.C.  -- Bank of America Corp. said Thursday that it plans to cut about 2.5 percent of its work force, eliminating about 4,500 jobs as part of a restructuring following its acquisition of FleetBoston Financial Corp. last spring.
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Deutsche Bank, Germany's biggest bank, said it planned to slash 3,280 additional jobs, or five percent of its workforce, even as its net profit soared 87 percent last year in its best annual performance in four years.
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Santander Central Hispano said Monday it expects to cut about 3,000 jobs at Abbey National as part of a cost-saving plan if its friendly takeover bid succeeds.
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Mobile phone maker had earlier said it would cut 3,500 jobs by June 30 as part restructuring plan to lower costs.
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CHARLOTTE, N.C. -- After a tough third quarter, Bank of America Corp. has become the latest bank to slash jobs due to poor results brought on by the unrest in global credit markets.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.
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The banking giant said it was scaling back its investment banking operations and shedding an additional 650 jobs.
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Commerzbank said Tuesday it lost 208 million euros (&#36;258 million) in the third quarter and will slash hundreds of jobs in its investment banking division.
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The Netherlands&#39; biggest bank ABN AMRO says it is cutting more than 4,000 back office and information technology staff as it aims to bring its cost base in line with its competitors.
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CHARLOTTE, NC Oct. 7, 2004 - Bank of America Corp. said Thursday that it plans to cut about 2.5 percent of its work force, eliminating about 4,500 jobs as part of a restructuring following its acquisition of FleetBoston Financial Corp.
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Marsh & McLennan, the US insurance broker being sued for alleged price fixing, is to cut 3,000 jobs as it faces an expected decline in its revenues.
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The plans to cut 3,000 jobs followed a terrible third quarter in which the investment banking unitâs profit dropped 93 percent after virtually every area performed poorly.