Jobs at risk as ABN Amro reviews emerging markets equities

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The review may affect 30 emerging market equity staff based in the Dutch bank's London office and 60 others in Turkey, Russia, Greece, Poland, Egypt, Hungary and South Africa.

ABN Amro rebuffed reports in the French newspaper Agefi on Tuesday that the bank would cut 700 jobs as part of a worldwide business review.

An ABN Amro spokesman said: &quotThe bank has gone through a major restructuring and our managing for value programme requires us to review all our businesses across the board. We identify which businesses are creating or diminishing shareholder value and allocate resources accordingly.&quot

In November ABN Amro chief executive Rijkman Groenik said that the bank would exit as many as 10 countries and halt lines of business in many more as the bank raised its target for return on equity from 18% to 25%.

Meanwhile, three equity staff have quit ABN Amro's Singapore office in the same week as the bank pays bonuses. Richard Bailey, head of international equity sales to Asian clients, Darryll Burleigh, head of the Singapore dealing desk, and Guy Wyles, a sales trader, have all resigned.