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The Dutch bank said it will cut 2,350 staff, or just under 10pc of its workforce, over the next three to four years as part of a wholesale restructuring of its business designed to save hundreds of millions of Euros in costs. Taking the cuts announced by ABN into account, the total number of banking sector job losses announced in recent months now exceeds 60,000 or roughly 5pc of the industry headcount.
“When managements resort to headcount reductions, these are a powerful signal that firms think the revenue outlook has weakened beyond just normal volatility,” said analysts at Barclays Capital in a note to clients published this month. Nearly all of Europe's major banks have announced year-on-year falls in revenues for the first half of the year as markets have deteriorated.