Dutch banking major ABN Amro Group is set to axe between 975 and 1,375 jobs as part of a cost-cutting strategy.

The job cuts are likely to affect the bank’s finance, human-resources as well as communication departments.

More than 900 jobs are expected to be shed by the end of next year, while the rest will be scrapped by 2020.

ABN Amro, which is controlled by the Dutch government, currently has a workforce of about 22,000 across the globe. In August 2016, the lender announced a cost cutting strategy that would help reduce its costs by €200m.

“To invest in growth and to lower the C/I ratio of 61.8% (target range is 56-60% by 2017), we have identified EUR 200 million of cost savings in support and control activities. This a reduction of about 25% of this cost base. These savings are a combination of staff and non-staff related costs, and a significant part will be realised next year,” the Dutch lender said at the time.

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