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Dutch banks cut their homeland workforces by 5,000 this year

Friday 28 December 2012

The big Dutch banks reduced their workforces in the Netherlands by some 5,000 jobs this year, the Financieele Dagblad said on Friday.

The job losses at ABN Amro, ING, Rabobank and SNS Reaal come on top of a further 17,000 financial services sector jobs between 2008 and the end of last year, the paper said.

Most financial institutions have cut their workforces by more than 10% since the fall of Lehman Brothers. The job losses stem from the need to cut costs which in turn partly derive from regulatory demands for less risky investments.

In addition, interest rates have gone up and customers have become more picky about policies and commission payments.

Hugo van Wijk of bank advisory bureau Vallstein expects further job losses. ‘Cost have to be cut by a further 20%,’ he told the FD. ‘I believe we are at the point of a fundamental restructuring of banking practices.

© DutchNews.nl


Readers' Comments

"interest rates have gone up". Liars.

Where? I received several letters they have gone down.

By dork | 28 December 2012 11:54 AM

well, everyone knows that bankers take, take, take, in order to afford their big bonuses every year. So, it's not too surprising to see them cull more of their herd, to be able to afford these big bonuses for the chosen few. Yet, isn't it plain to see that they have not had to lower their fees or raise interest rates on savings. So, don't think these companies care too much about society, even if they are owned now by the state.

By James | 28 December 2012 12:11 PM

Dutch banks cut their homeland workforces by 5,000 this year. Who will slow the capital transfer of Dutch Banks now?

By Terence Hale | 28 December 2012 4:24 PM

I've asked some Dutch friends about work "contracts" in Holland. Assuming layoffs in this number indicates the bank employees must have been on some sort of short term contract. Otherwise, it would seem considerable cost to the bank, or insurer, to make unemployment payments. Is there a more clear explanation?

By Married a Dutchie 2009 | 28 December 2012 8:15 PM

My experience with the dutch banking system has been terrible. I tried out Rabo Bank and they have a fee to deposit money into there ATM...LOL..I have never had to pay for a bank account in my life. They also demand that you have direct deposit or they CLOSE your account..A bank that has demands on me? Thats new..It is so much cheaper to keep your USA bank account and give the dutch banks the bird.

By Destiny | 29 December 2012 2:12 PM

If everyone would close their accounts with these big banks and go with a small local bank (hard to find I know, but they do exist)and let these thieving behemoths crash, then allowing only small banks, which would never be be too big to fail. Sure it might hurt for awhile, but the road we're headed down is worse.

By Al | 29 December 2012 5:49 PM

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