Derivatives unit unaffected by ABN Amro cuts

ABN Amro's decision effectively to pull out of the US cash equities and M&A business will leave its derivatives business intact.

ABN Amro will cut more than 500 investment banking positions in north America, but a spokesman for the bank told RiskNews that the cuts "will have absolutely no impact on derivatives".

The spokesman added that the Dutch bank plans to step up its equity derivatives business around the world - including the US - with similar plans for its non-cash fixed-income division.

ABN Amro head of global credit derivatives, Arnie Groes, hired Matt Chauvel from General Re Securities as a credit derivatives trader in London last week. Groes told RiskNews at the time to expect more hires in this area.