8/12/2020, 10:30 AM (Source: TeleTrader)
more TeleTrader news

ABN AMRO to shut down commodity trade business

Dutch lender ABN AMRO Bank NV announced on Wednesday that it plans to decrease its business banking division and to discontinue all trade and commodity finance activities.

According to the official statement, the company wants to focus its business division on regions in Europe "where scale can be achieved and hopes that the downsizing of business activities will reduce the risk of financial setbacks." The business division has approximately 2,500 employees in total, 800 of which will be fired.

The company came with that plan after it reported the net loss for the second quarter was €5 million.

Baha Breaking News (BBN) / TF