The number of analysts in the Netherlands has fallen by 12% since 2011, the Financieele Dagblad said on Thursday.

In 2016, there were only 74 full-time analysts working for Dutch banks, down from 146 ten years earlier.

In addition, banks are set to cut back 30% on spending for analysts’ stock reports as a result of new EU regulations which come into effect on 1 January, the paper said on Thursday.

Consultancy McKinsey said the 10 biggest banks in the world, which now spend $4bn a year for the reports, will cut this figure by $1.2bn next year. Smaller banks will follow suit in reducing their staff.

The European Commission has said the costs of analysts’ research  – now hidden in commissions charged on stock trades – must be more transparent.

McKinsey said hundreds of research jobs will be lost as clients of the banks, such as portfolio managers and other investors, will have to pay separately for the service from next January.  Many, the consultancy says, will be more selective and opt to receive fewer reports.