The number of people employed in the financial services sector has plunged 18.5% since the start of the financial crisis five years ago, the Financieele Dagblad reports on Monday.

The Financieele Dagblad bases its claims on a study of the annual reports of 12 major employers in Amsterdam’s Zuidas business district. While financial sector jobs are going, the overall number of jobs in the Netherlands has risen by almost 100,000, the paper points out.

Since 2009, ABN Amro has lost 6,751 jobs, or 26% of its workforce, and recently announced a further 400 job cuts at its merchant banking arm. ING has reduced its workforce by 16%.

This weekend, Rabobank chairman Piet Moerland said in the Telegraaf the cooperative bank will lose 8,000 jobs over the next few years, an increase of 2,000 on earlier estimates.

Support services

Law and accountancy firms have also cut their workforce considerably. For example, the number of full time positions at the Boelek de Neree law firm has gone down by 65, or 21%. At Brauw Blackstone, 10% of the jobs have been scrapped.

Experts say the job losses are not yet at an end. ‘We’ve lost 20% to 30% but I expect in total half of the jobs will go,’ Carla Kiburg, of the FNV-affiliated Finance union said.

Headhunter Chris de Groot told the paper a lot of work has either dried up or been moved to London.

Zuidas

The paper says the job losses have hit Amsterdam’s plans to ensure the Zuidas district remains an international prestige location. The city council had anticipated it would generate a structural increase of 28,000 jobs over 10 years.

At the same time, office space in Zuidas has gone down in price from an average €320 m2 in 2011 to around €310 m2 now.