ABN Amro is planning to cut its workforce by up to 1,375 more jobs to boost efficiency and generate structural savings of €200m a year.

The plan, code-named Project Simplify, was submitted to the bank’s works council on Monday, the Financieele Dagblad said. The job losses were first announced when the bank published its Q2 results last month.

If the job cuts go ahead, between 625 and 950 jobs will go next year, with the rest being cut in the run up to 2020. Staff working for ‘risk management & strategy’ NS ‘people regulations & identity’ will account for 50% of the job losses.

A bank spokesman told news website Nu.nl that other services are also being looked at. ‘We are not done yet,’ the spokesman said.

Changes in demand

The bank says it is being forced to adapt to changes in demand from both clients and regulators more quickly. In addition, new players are offering cheaper products and services, putting the bank’s margins under pressure, Nu.nl reported.

Reinier Castelein of white collar union De Unie said ABN Amro is showing a lack of vision and has ‘not idea how it can add value’. The CNV trade union federation said the cuts are a ‘very simple form of cost cutting’ and show a lack of strategy.

ABN Amro booked underlying net profit of €1.9bn last year, a rise of 24% on 2014. The bank, which was nationalised in 2008, is still largely in Dutch government hands. The flotation of around 20% of the shares generated €3.3bn for the treasury in November. The remaining shares will be sold off at later dates.