ABN Amro Bank will shed an additional 2,350 jobs in the coming years to trim costs as it readies for privatization, The Wall Street Journal reports. The layoffs may pull the bank’s cost-income ratio structurally below 60% by 2014.

The cost-income ratio of ABN Amro was 68% in the second quarter. The job cuts will mostly cover back-office operation departments, such as IT, but some retail and private banking positions will also be affected, adds Reuters.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.