 ABN took full control of Antonveneta in March |
ABN Amro has reported a 12% rise in first-quarter profit, boosted by its purchase of Italian bank Antonveneta and strong trading in Latin America. But this was offset by weak income from the US and global corporate clients. Profits were 1bn euros ($1.2bn; �696m) for the first three months of 2006.
"The main drivers of this are the consolidation of Antonveneta," said financial Officer Hugh Scott-Barrett.
The firm also said that 1,500 jobs were to go in high-cost markets.
It said 2,400 high-cost jobs would be replaced by 900 hirings in cheaper markets.
ABN said its main focus this year was to integrate the Italian bank. Antonveneta, which came under full control of ABN in March, contributed 96m euros to profit in the quarter.
ABN announced in December 2004 that it was to cut 2,850 jobs from its 98,000 payroll, which will result in a charge of between 125m euros and 150m in the second quarter.
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