ABN AMRO has laid off roughly 30 professionals in fixed income as part of a broader reorganization that has the bank letting go of up to 120 staffers across its institutional business. The bank is condensing its 10 institutional business lines into three: global markets (which encompasses fixed income), global clients and services, according to an internal memo obtained by BW.
"It's yet another reorg at a reorg company," quipped one outsider, referring to ABN AMRO's tendency to regularly bulk up and scale back its efforts in the U.S.
"The positions that are being eliminated...have been identified and affected staff are being notified. The process is difficult for all involved, yet it is necessary for optimizing our organizational structure," John Nelson, chairman of ABN AMRO's institutional business, wrote in the memo. A call to Nelson was referred to Kimberly Williams, spokeswoman, who declined comment. And Kim Rosenkilde, head of North American global markets, did not return calls.
At least some of the cuts affected ABN AMRO's fixed-income research department. Jim Rhodes, agency strategist, is one of those affected, according to an official at the company. Rhodes reported to Steve Ricchiuto, chief U.S. economist. Ricchiuto was out of the country and did not return a call. Rhodes could not be reached.