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Barclays Offer for ABN Would Mean 11,000 U.K. Job Cuts: Report

By AFX
Tuesday, 5 Jun 2007 | 3:49 AM ET

Royal Bank of Scotland says the offer for ABN Amro from rival bidder Barclays would put 9,000 more Britons out of work that its own proposal to buy the Dutch bank, The Times reported.

RBS said its proposed deal would lead to a maximum of 2,000 job losses in Britain but the Barclays deal would mean a cull of about 11,000 in UK headcount.

Job cuts under the RBS proposal, however, are likely to be much deeper in the Netherlands, Brazil, Spain and Italy, where there is greater overlap between the consortium members and ABN , the newspaper added. Meanwhile, Dutch daily Het Financieele Dagblad quoted a senior executive of Citigroup, which is advising Barclays in its bid, as criticising the UK bank for its stance over the takeover battle, newspaper Het Financieele Dagblad reported.

The US financial service company's senior international officer, Bill Rhodes, described as premature comments made by Barclays Global Retail and Commercial Banking chief executive Frits Seegers, who recently said it is "unlikely" that Barclays' bid will be beaten by the rival consortium.

Earlier, Seegers said the RBS-led group's bid for ABN Amro was "a ghost offer", the newspaper added.

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