Dutch bank ABN Amro is retreating to its home market, and stripping 250 jobs out of its underperforming corporate and investment bank, with an emphasis on cutting its international operations.

The bank said that it would spend around €50m on the job cuts, which are largely to come in “global sectors” such as trade and commodity finance, as it seeks to reduce costs by around €80m a year in the unit. The cuts represent approximately 10% of the 2,571 staff within the division.