Facebook Twitter Linkedin Google Plus Tell a Friend
Home| Columns| Features| International| In Dutch| Dictionary| What's On| Jobs| Housing| Expats| Blogs| Books
««« previousnext »»»

Internet banking leads Rabobank to close branches, cut 3,000 jobs

Thursday 28 February 2013

The reorganisation announced earlier by Rabobank will cost 3,000 jobs over two years, the cooperative bank said on Thursday.

Many of the jobs will go as local branches are closed and the bank’s emphasis switches to internet and smartphone banking. The number of branches will go down ‘substantially’, Rabobank said.

Also on Thursday, the bank published its annual figures, showing the effect of the economic downturn and the problems on the housing market. Rabobank is Dutch mortage market leader.

Profit drop

Group profit fell by 20% to €2.1bn – its lowest level since 2006. Earnings will decline further in 2013, the non-listed bank said.

Rabobank’s property activities posted a loss of €113m, compared with a profit of €31m in the year before.

'In 2013 it will be difficult to match the performance we delivered in 2012 (excluding the impact of the sale of Robeco),' Rabobank said in a statement. '2013 will be another difficult year with very little economic growth. The outlook for the housing market is better in the long run, but it will take at least until 2014 before we will see true recovery.'

ING said earlier this month it is reducing its workforce by a further 2,400 jobs as online banking takes off.

© DutchNews.nl


Readers' Comments

Sounds to me like they are in trouble. They have the biggest exposure to the Dutch housing market, and 2014 sounds a little too optimistic, I think. Personally, I see a run on the banks if the depositors continue to get below inflation interest rates on their savings this year. Austerity and inflation, are the debt restructuring tactics of European governments, including, the Dutch. No wonder Putin, and his kremlins, give European politicians the middle finger along with the Chinese, as they are both buying as much gold as they can at present? Austerity, and printing money on an industrial scale is destroying our economies, one is beginning to wonder if they are engineering a collapse of the system?

By Highlander | 28 February 2013 2:03 PM

OK Maybe I am on the old side of average, I have a Smartphone, but I just do not fancy the idea of 'Smartphone Banking'prefer to go into my local branch, unless they all close, I won't be doing Smartphone Banking

By almorr | 28 February 2013 5:38 PM

Hey, Highlander, too true...!

By Lewis | 28 February 2013 7:48 PM

I think the number is wrong...just think about it: if an office has around 6 or 7 employees, (ok, let's assume 10 employees) it boils down to at least 300 offices across Holland and that's highly improbable. Who's writing these articles wants to deliberately transmit a false image of the Dutch banking sector, as well as other economical sectors; well, the truth is Holland is just a small patch in Europe, however big they want to think about themselves.

By R | 28 February 2013 9:41 PM

Ouch. I wish, instead, they'd fire one or two upper management rather than the countless numbers of middle class people that are about to lose their jobs.

By Stupid | 1 March 2013 2:05 AM

Profits are down and so they continue to look for ways to get money out of their clients. I deposited money into one of their ATMs and I was astounded that they charged me for it. Administration costs was the explanation. What administration costs .... I used a machine???!!! As banks continue to get desperate in their efforts to stay afloat they will jeopardize the relationships that are vital to their existence. We complained about the charges and although they did call us 'to keep the lines of communication open,' I didn't get my money back. I get disappointed almost every time I use a banking service - these banks need to reinvent themselves and remember they have customers.

By Anne | 1 March 2013 11:28 AM

@R: I would hazard a guess that most articles published in conjunction with unemployment figures & proposed layoffs are false, (Or incomplete), thus giving false impression.

These figures never portray a breakdown of the amount of employees working as temps or on limited contracts.

@Anne: I think the bank costs we pay for ATM are for security transport delivery & maintenance, without which they would be empty, like office space! The same for deposits, Why give the bank you savings?
Your savings can work against you!

By The visitor | 1 March 2013 4:45 PM

Newsletter| RSS| Advertising| Business services| Mobile| Friends| Privacy| Contact| About us| Tell a Friend
Apartments for rent Rondvaart - Amsterdam