Delta Lloyd continues job cutting in the name of efficiency

Insurance group Delta Lloyd is to reduce its workforce by up to 5% a year over the next few years, chief executive Niek Hoek says in an interview with the NRC.

The company currently employs 5,400 people, down 25% on four years ago.
Hoek told the paper the decision to reduce the workforce is based on the need for greater efficiency. ‘We need that because we want to be the biggest,’ he said.
The reduction in workforce size is not connected to the financial crisis, Hoek said.
‘Delta Lloyd has been trying to structurally reduce costs for years. We do not achieve that by occasional mass redundancies and reorganisations. We do it gradually and we began around eight years ago,’ Nos television quoted Hoek as saying.
Three weeks ago Delta Lloyd said it expected operating profit this year would be 10% down on 2011.
Financial services
Other Dutch financial services firms are also in the process of reducing the size of their workforce.
Last month ING announced plans to cut its workforce by 2,350, describing the plan as ‘painful’, and SNS Reaal said it is cutting 750 jobs. Rabobank in July said it would reduce its workforce by 3,000.

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