Around 800 employees are expected to lose their jobs in United States, Asia, Australia and Brazil.
Dutch bank ABN Amro said on Wednesday its investment bank will end all trade and commodity financing operations in a major overhaul as the unit’s focus turns solely to Northwest Europe.
The move will end ABN’s presence in the United States, Asia, Australia and Brazil, except for clearing, and relates to around 45% of the corporate bank’s client loans, worth €18 billion.
Around 800 employees are expected to lose their jobs as the operations are wound down in the next three to four years, the bank said.
The move follows several earlier attempts to increase profitability and reduce risks at ABN’s corporate bank, as ongoing difficulties in the offshore energy markets saddled it with large impairments.
“We will serve clients in segments where we can achieve scale, so we will focus on the Netherlands and Northwest Europe, where we will invest and grow,” Chief Executive Robert Swaak said.
ABN posted a net loss of €5 million ($5.86 million) in the second quarter owing to high impairments and ongoing difficulties in the oil sector. The firm had reported a profit of €693 million in the same period a year ago.