Rabobank is reducing the workforce at its Utrecht headquarters by 1,240 jobs over the next three years.

In January, the bank said between 1,000 and 2,000 jobs would go. Most of the jobs which will go are currently done by contract workers and the impact on Rabobank’s own payroll will be around 460, the Financieele Dagblad reports.

A number of IT jobs will also be cut because the bank has completed its changeover to a more digital service. The aim of the job cuts is to save €220m.