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April 28, 2006
ABN Amro Profit Trails Estimates; Bank to Cut Jobs
ABN Amro Holding NV, the largest Dutch bank, reported first-quarter profit that missed analysts' estimates and said it will eliminate 1,500 jobs after costs jumped.
Net income rose 12 percent to 1 billion euros ($1.2 billion) from 895 million euros a year earlier, the Amsterdam-based bank said today. Operating expenses climbed 26 percent because of costs from the purchase of Banca Antonveneta SpA, a labor agreement in Brazil and new branches in Asia.
Posted by S. Germain at April 28, 2006 09:45 AM