Dutch bank Van Lanschot is to cut the salary of some employees by up to 10% and lay off a few dozen people, news agency Reuters reported on Wednesday.
The four board executives will get a 10% pay cut while 2,400 people at its private banking unit will not receive a 2008 bonus, Reuters said. And one third of the 400 employees at brokerage Kempen & Co will have a 10% pay cut.
Van Lanschot will also look at other measure to cut costs because of the financial crisis, Reuters said.
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