Dutch bank ABN Amro to cut 5,200 jobs by 2028 in AI-driven overhaul

Overview

ABN Amro announced plans to cut 5,200 full-time positions by 2028 (about 24% of its workforce) as part of a restructuring that relies on AI to handle routine back-office tasks. CEO Marguerite Bérard said AI would enable 'deliberate decisions' in customer service, operations and anti-money laundering checks, where headcount could shrink by up to 35%. The plan targets a return on equity of at least 12% and a cost-to-income ratio below 55% by 2028.

The challenge

ABN Amro sought to enhance returns and competitiveness by right-sizing its cost base, targeting a return on equity of at least 12% and a cost-to-income ratio below 55% by 2028, amid normalized interest rates and stringent capital rules.

The solution

ABN Amro is pursuing a restructuring that relies on AI to handle routine back-office tasks, with executives arguing AI can enable "deliberate decisions" in areas such as customer service, operations and anti-money laundering checks.

Reported business value

ABN Amro plans to cut 5,200 full-time positions (about 24% of its roughly 22,000 full-time staff plus 3,670 contractors) by 2028, with headcount in customer service, operations and anti-money-laundering checks potentially shrinking by up to 35%. About half of the reduction is expected through natural attrition, with the remainder via voluntary redundancy.