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ABN AMRO announces layoffs

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ABN AMRO announces layoffs

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Dutch state-controlled bank ABN AMRO is to lay off between 4,000 and 5,000 people and reduce its costs by up to 1.3 billion euros as it fully integrates with Fortis Bank Nederland.

A spokesman said as many as 6,500 staff would be cut, but the group will also create 1,500 new jobs. The Dutch government plans to ultimately sell the unified bank.