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SNS Reaal to cut 750 jobs

Thursday 15 November 2012

Banking group SNS Reaal said on Thursday it is cutting its workforce by 750 jobs, which will generate €75m in savings by May 2015.

Utrecht-based SNS Reaal has a current workfore of 6,700, meaning around one in nine jobs will go. The company said during its trading update last week that 300 jobs in its merchant banking division were at risk.

SNS Reaal’s property division posted a loss of €99m in the third quarter, cutting the group’s net profit to €34m.

'We are making progress in the exploration of a broad range of scenarios for both strategic restructuring and the enhancement and simplification of our capital base, which we announced earlier this year,’ the bank said in the trading update.

SNS Reaal is the second financial services group to announce major job losses in a week. Last week, ING announced plans to cut its workforce by 2,350, describing the plan as ‘painful’.

Your thoughts? Use the comment box below

© DutchNews.nl


Readers' Comments

Yes, good idea, sack as many as you can to keep your profits at a maximum: don't worry about the people, your profit is far more important, bravo!

By The visitor | 15 November 2012 12:26 PM

"...cutting its workforce by 750 jobs, which will generate €75m ..."
Let's do the math:

€75,000,000/750 = €100,000/per person

Reaal-y ?

By 4ward Motion | 15 November 2012 5:20 PM

@The visitor: we do not like your comment here, it's rather tasteless & offensive! Please consider the feelings of others that are not as fortunate as yourself, thank you.

By Mr.Fussmucker | 15 November 2012 6:49 PM

yes 4ward-motion,

i don't think that figure is unreasonable. Don't forget that the savings also cover pension costs (which is considerable).

Besides, the numbers go to May 2015.

By munchos | 16 November 2012 12:49 AM

@Fussmucker visitor is being sarcastic in case you didn't notice.

By Fatality | 16 November 2012 2:06 PM

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