ABN Amro Cuts 900 Jobs in U.S.

The reductions for the Netherlands-based company are aimed at making it more competitive and represent 5 percent of its North American business unit's work force.

Most of the jobs will be cut by mid-2007 and include all types of positions in all major locations, such as New York and Chicago, the company said in a statement. ABN Amro is the parent company of Chicago-based LaSalle Bank Corp.

"These kinds of decisions are never easy to make," Norman R. Bobins, head of ABN Amro's North American business unit said in a written statement. "In today's competitive environment, however, it is imperative that we take a hard look at our clients' needs and align our resources accordingly. With these staff reductions, we will enable our organization to more proficiently address the demands of the market."

The company said with its third-quarter earnings in October that it was lowering expenses in large markets like the United States. At that time, the company reported a 5 percent drop in third-quarter profit due to bad loans in Italy and as one-time gains from asset sales were lower than a year ago. The company also reported a 19 percent rise in operating profits.

Of the 900 positions that will be cut, 500 are in Chicago, about 200 are in New York and 200 will be split between Troy and Ann Arbor, Michigan, according to company spokesman Shawn Platt.

The company said financial details will follow in its annual results announcement Feb. 8.

ABN Amro has more than 4,500 branches in 53 countries, and runs about 400 bank branches and 1,500 ATM's under the LaSalle Bank name. LaSalle Bank is a $120 billion financial institution and is Chicago's largest bank holding company.

U.S-traded shares of ABN Amro fell 9 cents to close at $32.51 Thursday on the New York Stock Exchange.