Big banks plan $91 billion merger

British bank Barclays said this morning that it would buy Dutch bank ABN Amro in a deal worth $91 billion.

"It's a dream fit," Barclays CEO John Varley said at a press conference today after the announcement. "The new entity provides our employees with a new and exciting future as one of the largest banks in the world."

The banks said more than 23,000 jobs would be cut, slightly more than 10% of the banks' joint workforce.

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- Posted: 2007-04-23 10:09:06

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