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’.
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