ABN Amro set to cut several hundred more jobs

State-owned bank ABN Amro is poised to shed several hundred more jobs, on top of the 6,500 which have already gone as part of the post-privatisation revamp, sources have told the Telegraaf.

The paper says CEO Gerrit Zalm has sent a letter to all staff explaining that costs are too high.
‘We need to outperform the original plans on the financial front…so that we can create the strongest possible position for charting our own course,’ the memo is quoted as saying by Dow Jones Newswires.
‘In this respect, our cost levels are problematic,’ he said. ‘To that end, we need to make our processes more efficient.’ Staff will be told in the next few days what measures are to be taken, the memo says.
Zalm is in the process of readying the bank to be floated on the stock exchange, probably in 2014.

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