Banking and insurance group SNS Reaal booked a loss of over €500m last year, more than double analysts’ forecasts, reports news agency ANP.
The total cost of the economic downturn was €726m, SNS said in a statement.
While the group’s insurance activities were hard hit, the banking operations still made a profit of €114m last year, the bank said.
In order to ‘de-risk’ the balance sheet, SNS is planning a number of measures for the current years. These include cutting €140m in costs. For example, some 400 jobs will go as a result of the integration of the AXA insurance group.
The company’s top 100 managers will also forgo their bonuses for last year.
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