Nationalised bank ABN Amro wants to freeze staff pay

Nationalised bank ABN Amro has notified banking unions it wants to impose a pay freeze for all 23,000 workers for the coming years, the Telegraaf reports on Friday.

The paper says the bank has written to unions ahead of the start of negotiations for a new banking sector pay deal, calling for a pay freeze.

The letter, from management board member Caroline Princen, states there are political and social pressures for wage moderation. She points out that banks have to increase their reserves and that they have been hit by the economic downturn.

The bank also wants to reduce its costs. Personnel costs amounted to €1.2bn in the first six months of 2013, compared with just over €1bn in the year-earlier period, Princen said.

ABN Amro booked net profit of €817m in the first half of this year, down 3% on a year ago. The bank has been given a year to ready itself for privatisation.

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