Non-listed Rabobank is to reduce its workforce in the Netherlands by 3,000 over the coming years but compulsory redundancies will not be necessary, the Financieele Dagblad reports on Friday.

The bank’s strategic plan to take it up to 2016 envisages a cut in the Dutch workforce of 5% to 10%. Rabobank currently employs 35,000 people in the Netherlands, the FD said.
The cost cutting has been made necessary by a number of new regulations which will hit the bank’s profits, including the introduction of a tax on banking, new demands on capital buffers and changes to the savings guarantee scheme.
ABN Amro and ING earlier announced plans to streamline their workforces.