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Report: Managers criticize ABN Amro over lack of direction

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Report: Managers criticize ABN Amro over lack of direction

A group of 21 ABN AMRO Bank NV senior executives has complained about what they said was a lack of direction at the lender's boards, Reuters reported June 1.

In letters to regulators and the Dutch government earlier in 2018, the executives said the state-backed bank is at a risk of being taken over and that CEO Kees van Dijkhuizen, who has reduced the number of managers at the bank since taking over in 2017, was not showing strong leadership, according to the report, citing Dutch daily Het Financieele Dagblad.

In a memo to staff the same day, van Dijkhuizen said some people are disappointed that they did not get the job they wanted but that "trust and calm are coming back," Reuters said.

In February, Olga Zoutendijk has decided not to run for a second term as chairman of the board after criticism of her leadership, with Vice Chairman Steven ten Have taking over as acting chairman. The bank recently named Tom de Swaan, previously chairman of Zurich Insurance Group AG, chairman.

The Dutch government currently owns roughly 56% of ABN Amro.