The departure of three former ABN Amro top executives from Royal Bank of Scotland (RBS) has led to considerable unrest within the Dutch units RBS took over, reports Thursday’s Financieele Dagblad.
RBS, one of the three banks that acquired ABN Amro last year, is being forced to carry out a far-reaching reorganisation because of the credit crisis and what is now being seen as the excessively high takeover price it paid for its share of ABN Amro.
‘What remained of the ABN structure within RBS is now disappearing,’ one banker, who is not named, tells the Financieele Dagblad.
According to the rumours, RBS is to scrap another 3,000 jobs in its merchant banking division which includes ABN activities acquired last year, the paper says. Thousands of jobs have already been axed.
The most surprising departure, says the paper, is that of Alexandra Cook who was head of ABN Amro’s merchant bank and was responsible for western European operations after the RBS takeover.
The other top executives to lose their jobs are Pierrer Fleuriot, head of the French and Belgium activities, and Gary Page who was in charge of commercial banking within ABN Amro.