Financial services group ABN Amro has announced plans to slash its workforce by around a fifth, or 5,200 jobs, over the next three years.

Around half the job losses will come through not replacing staff who leave the company, the bank said in a statement on Tuesday.

ABN Amro, in which the Dutch government still owns a stake, says the aim of the cuts is to “deliver profitable growth and enhanced value for all stakeholders”.

“We are fully committed to supporting everyone affected with a robust social plan, offering financial support and assistance in finding new opportunities,” chief executive Marguerite Bérard said in a press statement.

The bank, she said, aims to strengthen its position in retail banking and become a top-five private bank in Europe. “Supporting family wealth and businesses remains a key priority, as they are the backbone of the economy,” she said.

The bank will also “drive growth” by supporting key European transitions in areas such as digitalisation, energy, mobility and defence.

ABN Amro has also announced the sale of its personal loan business Alfam to Rabobank.

The ABN Amro job losses are far from the first major redundancy rounds to hit the Dutch banking sector in recent months as they turn to AI for routine work.

Last week ASN Bank said it was cutting its workforce by around 25% to save €80 million a year, and has already reduced its workforce by 700 over the past two years.

ING has also told the state benefit agency UWV that it is cutting 950 jobs at its Dutch arm this year and next, broadcaster NOS reported. ING Nederland has a workforce of 12,800.

In October the Financieele Dagblad said that the big Dutch banks expect to shed around 2,600 jobs in their anti–money laundering departments within two years as they turn to artificial intelligence to handle routine work.

At present, some 13,000 people — roughly a fifth of the sector’s staff — are employed full time in these departments, costing the industry €1.4 billion a year, according to Dutch banking association figures.