ABN Amro to cut 5,200 jobs by 2028 as new CEO pushes profitability plan

ABN Amro has announced a major overhaul of its operating model, confirming plans to reduce its workforce by roughly one-fifth over the next three years. The move is part of a broader effort to sharpen profitability and bring tighter discipline to costs under the bank’s new leadership.

New CEO Marguerite Bérard, who took charge earlier this year, outlined the strategy in Amsterdam this week. She noted that while the bank has stabilised its foundation in recent years, it now needs to push harder on efficiency and focus more clearly on segments where returns are strongest.

The plan centres around simplification and digitalisation. ABN Amro intends to consolidate several legal entities, streamline overlapping processes, and gradually retire ageing technology systems. By doing so, the bank aims to bring its cost-to-income ratio below 55% by 2028 and lift its return on equity to at least 12%. Revenue is expected to cross €10 billion during the same period.

A large share of the savings will come from workforce reductions. The bank expects to have 5,200 fewer roles by the end of 2028 compared with its 2024 baseline of nearly 22,000 employees. This number does not include teams absorbed through recent acquisitions, who will also face structural changes as integration progresses. Recruitment at the bank has already slowed significantly, and around 1,000 positions have been phased out since Bérard’s arrival in April.

ABN Amro plans to expand its focus on mortgage lending and wealth management—areas where the bank sees more consistent returns. It is also rebalancing its corporate banking portfolio by reducing risk-weighted assets and exiting less profitable businesses. As part of this effort, the lender has agreed to sell its consumer loans unit, Alfam, to Rabobank.

Shares rose around 5% after the announcement, with analysts noting that the sharper cost discipline and capital return commitments resonated well with investors. The Dutch state remains the bank’s largest shareholder but has signalled plans to gradually reduce its stake.