Barclays deal a boost for bank

A total of 12,800 employees will go over the next three years, with around 10,800 jobs likely to be switched to lower-cost locations like India. Reports suggest 4,500 jobs in the City and Canary Wharf will be cut.
One Canary Wharf-based employee said: "I think most people are positive about the deal because it puts us in a stronger position. It will give us more products to sell, and ABN Amro have capabilities in certain areas that we don't.
"The issue of job losses is a bit worrying. A lot of back office jobs will probably disappear, and we can see departments which could just go because of job overlaps.
"Although head office will be moving to Amsterdam, we understand the investment bank will be staying in London and a lot of the building is taken up by UK banking and business banking anyway. For a lot of us, it won't make much difference."
Amicus national official Keith Brookes said the union has been told many job cuts will be achieved through "natural staff turnover".
He said: "Amicus is seeking assurances from Barclays that they will work with us to avoid any compulsory redundancies.
"We have every confidence that this process of change can be managed through our existing job security agreements."
ABN Amro's shareholders will vote on the takeover today (Thursday, April 26) after the board unanimously recommended the move on Sunday.
As part of the deal with Barclays, Bank of America will buy ABN Amro's US banking arm, LaSalle, for #10.5billion.
Barclays CEO John Varley said ABN Amro's influence in markets such as Asia and Italy would provide "very attractive" expansion opportunities.
He also said Barclays' Canary Wharf office was safe, despite the fact that he will relocate to Holland.
He said: "We believe this new entity will provide our employees with a new and exciting future in one of the biggest banks in the world. We'll be able to better serve our customers as a result of joining forces."
Mr Varley would not be drawn on the precise locations of job losses. 
--------