ABN AMRO TO AXE JOBS – ABN AMRO has released the plans to cut around 250 jobs from their Investment and Corpoarate Banking business in an effort to cut the costs associated with the unit. Kees van Dijkhuizen, CEO, said in a statement that the cuts will be mainly taking place in the global sectors in Trade & Commodity Finance to reduce the unit costs to €80mn. The restructuring phase will essentially end up costing the bank €50mn on their way to reducing the risky assets by €5bn by the end of 2020. This will end up having an impact on the bank’s revenue by €100mn to the negative. Dijkhuizen said in a statement, “We indicated last quarter that we would present an update on CIB at the Q2 results, as CIB is facing both cyclical and long-term challenge…. The return on equity (ROE) of CIB as a while does not meet the group ROE target, as income growth in certain activities has not offset risk-weighted assets growth, impairments and costs.” #SpartanInternational #TTrade