By Sabela Ojea
ABN AMRO Bank NV said Monday that it has set up a new restructuring plan for the bank reflecting the current economic outlook, which includes a significant reduction in costs and layoffs.
The Dutch lender said it expects to reduce staff by around 15% by 2024, mostly from 2022 onwards.
The bank said costs won't be higher than 4.7 billion euros ($5.62 billion) in 2024, reflecting savings of EUR700 million. It is targeting a return on equity for the same year of around 8%. Its 10% ROE ambition remains in place, it added.
"We will focus on attractive segments in the Netherlands and Northwest Europe where we can grow profitably," the bank said.
ABN AMRO said it expects EUR300 million of strategic investments, as well as a restructuring provision of EUR150 million through 2023. It also expects to resume a dividend pay-out of 50% of net profit.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
