European bank cuts 70% of its staff in New York City
ABN AMRO, one of European banking’s bêtes noires, is taking the final steps in a years-in-the-making plan to terminate its presence outside of Europe.
The decision, which affects 52 of the bank’s 73 staff in the city, was communicated to employees on Monday, and will take effect on the 31st December of this year.
The wind down is a long, long time in the making. ABN Amro began to cut investment bankers starting all the way in 2020, and that same year it announced that its Corporate and Institutional Bank (CIB) would focus on “Corporate Banking in Northwest Europe and Clearing globally,” owing to what the bank itself called “ongoing loan losses and disappointing returns.”
The bank still had a number of corporate bankers in the US regardless, including John Sullivan, managing director and co-head of US client & portfolio management, formerly head of structured finance in the country. Awkwardly, Sullivan was part of Fortis Bank and RBS, both of whom had an awkward relationship with ABN AMRO after the financial crisis.
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