ABN Amro is set to eliminate all temporary workers in its financial crime investigation team. The bank is ending its partnerships with specialized secondment and staffing agencies involved in this department, as reported by Financieele Dagblad.

Earlier in November, the bank also announced layoffs in its sustainability department, cutting 58 permanent employees and 9 temporary staff. ABN Amro has warned that further “optimisation” measures are expected across other departments in the future.

In April, the bank had already announced a halt to external hiring and a decision not to renew temporary contracts. At that time, it had spared the department focused on detecting criminal money flows, money laundering, and terrorist financing. However, ABN Amro now plans to reduce staffing in this area, following a shift towards using technology for detection, including the establishment of its Detecting Financial Crime system.

Additionally, ABN Amro has reportedly decided to eliminate more temporary workers due to the new collective labour agreement in the temporary employment sector, which will lead to higher costs for the bank. The agreement, which takes effect next year, mandates equal pay for permanent employees and temporary workers. With the added costs of external hiring on top of this equal pay requirement, temporary workers are set to become more expensive than permanent staff.

The bank has offered some temporary workers the opportunity to transition into permanent roles, but more layoffs are still expected, though the exact number remains unclear. Staffing agencies involved in these arrangements have expressed surprise at the bank’s decision.

Last week, trade union CNV warned that the Netherlands is on the brink of widespread job cuts. According to CNV Chairman Piet Fortuin, at least a third of businesses currently negotiating with the union are planning layoffs. Thousands of jobs may be at risk, especially in sectors such as financial services, industry, retail, and education.