Latest news with #ABNAmro
Bloomberg
2 days ago
- Business
- Bloomberg
ABN Amro Fined by Dutch Central Bank for Bonus Ban Violation
ABN Amro Bank NV was hit with a fine of €15 million ($17.2 million) by the Dutch central bank for violating some bonus restrictions that were put in place after the financial crisis. The regulator said ABN Amro fell afoul of the ban by awarding bonuses to seven positions in second-tier management between 2016 and 2024, according to a statement on Thursday.
Bloomberg
11-06-2025
- Business
- Bloomberg
ABN Amro's New CEO to Shake Up Corporate Banking Unit, Cut Staff
ABN Amro Bank NV 's Chief Executive Officer Marguerite Berard launched a reorganization at the Dutch lender, a month after taking over the role. The Amsterdam-based bank announced internally on Wednesday it's reorganizing its corporate banking unit, impacting a 'small' number of employees, a spokeswoman said, without providing further details.
Bloomberg
06-06-2025
- Business
- Bloomberg
Bond Traders Consult Risk Bosses Daily to Prep for Next Storm
The turmoil that hit markets after Donald Trump's Liberation Day tariffs may have faded, but the aftershocks roll on in the risk departments of some of the world's biggest banks. Traders at Bank of America Corp, NatWest Markets Plc and ABN Amro Bank NV are battening down the hatches — submitting daily risk queries, stress-testing portfolios, shrinking swaps positions. While that's all aimed at lowering the risk of severe losses, the cautious approach could eat into profits.
Finextra
04-06-2025
- Business
- Finextra
ABN Amro targets young customers with new neobank
The team behind ABN Amro's Tikkie payments app has developed a full-service neobank designed for young people. 1 Launching later this year, Buut has been "developed entirely around the world as young people experience it," claims Dutch bank ABN Amro. It was built from the ground up in 12 months by the team behind Tikkie, the hugely popular payments app with millions of users. Annerie Vreugdenhil, chief commercial officer, personal and business banking:, ABN Amro, says Buut is "easy to use, interactive, 100% visually driven and totally at home in the world of the new generation. "Buut is everything you expect of a bank, but designed to Tikkie a different box."
Daily Mail
30-05-2025
- Business
- Daily Mail
ALEX BRUMMER: Fred Goodwin's ghost still stalks financial corridors
The final escape of NatWest, the rebranded Royal Bank of Scotland, from government hands is a signal moment. Some 17 fractious years have passed since the Great Financial Crisis when NatWest ATMs came within minutes of drying up, and Gordon Brown's government took effective control with a £45.5billion bailout. All told, UK plc expended almost a trillion pounds in the shape of support measures directly and through the Bank of England to keep the City from imploding. So much time has passed that memory of Fred Goodwin, the architect of RBS's self-destruction, has faded. But not for investors in RBS/NatWest stock. I was among the foolhardy shareholders, along with big battalions such as the old Prudential, who were persuaded by Goodwin to support a £12billion rescue rights issue in the spring of 2008. We believed that Fred was smart enough to pull the bank back from the brink. Goodwin, in a frenzy of macho competitiveness, had outbid Barclays to take control of ABN Amro, a Dutch bank weighed down with sub-prime mortgage securities. What we didn't know was that Goodwin was a chief executive with a megalomania complex. Dissatisfied with two tower blocks on Bishopsgate in the City and a historical HQ on St Andrews Square in Edinburgh, he built himself a glass palace at Gogarburn downwind from a pig farm. Among the quirks was a designer fish kitchen in reach of his office and filing cabinets with rounded tops to prevent papers piling up. Nurturing NatWest back to health has proved a titanic exercise. Valuable subsidiaries such as Worldpay, Direct Line and Citizens in North America were jettisoned and the balance sheet shrunk. Scandal erupted when the bank's Global Restructuring Group (GRG) forced otherwise healthy client companies to the wall. Why did RBS/NatWest stay in government control for so long? In the US, bailed-out banks and the insurer AIG were returned to the public markets swiftly with the federal government taking contemporary losses. Rapid recovery of lending by US financial groups followed, and a speedy return to trend growth as credit and investment returned to normal. The failure of successive British governments to return the banks to the market and over-regulation has left an indelible mark on the UK, where growth has subsided to half the trend rate before the crisis. Banks and insurers were force-fed into holding excess capital and government stock. Credit and loans, the lifeblood of investment and output, were stymied. Excessive caution, designed to prevent a repeat of 2008-09, has proved destructive to expansion for Britain's advanced tech, pharma, creative and defence sectors. Politics explains why the Government held on to the NatWest stake for so long. No politicians, Labour or Tory, wanted blame for losing taxpayer cash. But the Government stake, even as it shrank, affected behaviour. Pay and bonuses were constrained, which meant that NatWest found it difficult to recruit the most talented financiers. Government felt obliged to intervene in what should have been boardroom issues. This was most notable when Alison Rose was defenestrated as chief executive in 2023, after leaking some disobliging comments about Nigel Farage being de-banked at private offshoot Coutts. As NatWest fully returns to public markets, it is worth reflecting that £10billion of taxpayers' money has mysteriously disappeared. That is cash that Chancellor Rachel Reeves desperately needs.
