Nationalised financial services group ABN Amro said on Friday it had booked a 17% drop in profit in the first three months of this year and would be cutting 400 more jobs from its corporate banking arm.

Net profit came it at €415m, compared with €503m in the year-earlier period. Without the proceeds of the sale of Greek loans and other one-offs net profit would have been €290m, the bank said in a statement.

The bank also plans to cut a further 400 jobs from its commercial and merchant banking arm. Some of these jobs will be accounted for by not replacing staff who leave and by moving people elsewhere within the company.

‘As unemployment is still on the rise and no economic growth in the Netherlands is expected for 2013, we remain cautious for the remainder of the year,’ chief executive Gerrit Zalm said.