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Amro to slash 900 jobs in North America
By Riva Froymovich
December 29, 2006
ABN Amro Holding NV, the largest Dutch bank, is cutting about 900 jobs in North America after reporting its first dive in quarterly profits in more than four years, according to published reports. Net income for the company fell 5. 6% in the period, the first decline since the second quarter of 2002. The cutbacks account for about 5% of the Amsterdam-based company's employees in North America and will affect almost all areas of the bank, according to data the company released yesterday, reports said. About 500 of those reductions will be in the Chicago area. The bank previously slashed 5,000 jobs since 2004, a move that failed to limit costs as overall U. S. earnings growth has slowed due to rises in interest rates, reports said. ABN Amro is the fifth largest foreign-owned bank holding companies in the U. S. by assets with about $158 billion, reports said.
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