Dutch banking giant ABN Amro will axe jobs following a slump in profits. ABN's third-quarter profits plunged by more than 17 per cent after the group was hit by weak market conditions and the economic fallout from September 11th.

ABN is now overhauling its wholesale banking arm, which employs around 20,000 people across the world - about a fifth of its total workforce. The shake-up could see the group pull out of certain markets altogether.

However, a spokeswoman said the announcement was not expected to affect jobs in Ireland where the bank employed about 170 people.