ABN AMRO Bank NV is paying approximately $575 million, which includes a fine and disgorgement, to the Netherlands government to resolve charges that the Dutch banking giant violated anti-money laundering (AML) and counter terrorism financing laws. The bank has accepted an offer from the Netherlands Public Prosecution Service (NPPS) in a case that encompasses violations… Read More >>
Layoffs Are Key to ABN Amro’s Digital Transformation
Dutch banking giant ABN Amro will begin a two-year staff trimming process that will reduce its global workforce by 15 percent — a key part of an $840 million streamlining said to be essential to its digital transformation, according to an announcement on Nov. 30. Media outlets and financial markets analysts have estimated that the… Read More >>
StatPro Buys ESG Unit for $3.27 Million
ECPI Unit to Become Part of StatPro StatPro Group, a cloud-based portfolio analysis and asset pricing services vendor, will be enhancing its benchmark offerings for environmental, social and governance (ESG) ratings and indices via the acquisition of the ESG research and index business unit (ECPI) from ECPI Group, officials say. The acquisition for a total… Read More >>
ABN Amro to Cut 250 CIB Employees
Dutch banking giant ABN Amro will be cutting 250 full-time employees from the Corporate and Institutional Banking (CIB) division because the business unit is not hitting the net income targets set by the bank, which will also be retreating from some international efforts. “The CIB cost base will be reduced by €80 million [$91.2 million],… Read More >>
ABN Amro Embraces New Reporting Architecture
Dutch banking giant ABN Amro is embarking upon a major transformation of its finance, risk and regulatory reporting operations via the Finance and Risk Architecture Alignment Initiative (FRAAI), and it’s reaching out to vendors Wolters Kluwer and SAS to be part of the project. Prior to FRAAI, the bank used a variety of undisclosed technology… Read More >>
Four Banks Test DLT-Based ECP Platform
Enterprise software vendor R3 (formerly known as “blockchain consortium”) and four of its member banks — ABN Amro, Commerzbank, ING, and KBC — have developed a prototype solution for the issuance of euro commercial paper (ECP) on the group’s Corda distributed ledger technology (DLT) platform. Participants in the project say that it will prove to… Read More >>
ABN Amro to Cut Top Management by 60 Percent
ABN Amro announced plans to cut 60 of its 100 senior management jobs and whittle down the number of top executives by more than half in a major shake-up to reflect the bank’s smaller stature. In a statement, Kees van Dijkhuizen, which took over the reins as CEO earlier this month, said, “The new management… Read More >>
Digital Asset Lands A-List Backers and $50M in Funding
Digital Asset Holdings, LLC, a New York City-based developer of distributed-ledger technology for the financial services industry, reports that it has “raised more than $50 million in funding” from several prominent financial industry players. The company’s new investors are: ABN AMRO, Accenture, ASX Ltd., BNP Paribas, Broadridge Financial Solutions, Inc., Citi, CME Ventures, Deutsche Börse… Read More >>
4sight Recruits from ABN Amro
4sight Financial Software, a vendor and consultancy offering solutions for securities finance, swaps and collateral management, has hired a former vice president at ABN Amro, Edward Cockram, to be North American Product Consulting Director, an addition to the company’s rapidly expanding North American team, officials say. Before joining 4sight, Cockram was vice president of securities… Read More >>
