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ABN AMRO fires staff for copying clients' signatures

ABN AMRO Group NV dismissed as many as 10 mortgage advisers and cut performance-related pay for others after it found out that 114 of its more than 850 advisers have copied clients' signatures in revised mortgage advice reports, Bloomberg News reported, citing a spokesman for the bank.

The bank uncovered the misconduct in an internal investigation, which was launched November 2016 after nine advisers were found to have copied signatures. The internal probe sought to determine whether mortgage advisers were complying with the bank's internal rule requiring them to get clients to sign amended documents.

The investigation has reviewed some 9,900 amended mortgage advice reports written between 2013 and 2016. Of these, around 700 contained a copied signature. The bank said clients suffered financial losses in only three cases that involved less than €1,000 in total, which have already been compensated.

Retail banking CEO Frans van der Horst acknowledged the complexity of the process of completing mortgage advice reports for its staff and said the bank will seek for a better solution to prevent the misconduct from repeating, according to a June 8 statement.