State-owned ASN Bank will cut between 850 and 950 more full-time jobs as part of its ongoing major reorganisation, the company said on Thursday. The move follows an earlier round of 750 job losses as the bank continues its multi-year transformation plan.

The cuts, which will take place by the end of next year, will be achieved partly by using fewer freelancers and by leaving vacancies unfilled. The downsizing, the bank said, is needed to “further simplify the internal organisation” and is expected to save €80 million a year.

“The bank is building on the foundation laid with the transformation launched at the end of last year,” ASN Bank said in a statement.

The new strategy focuses on “simplifying and growing”, with an emphasis on core activities such as mortgages, savings and payment services. Operations, internal processes and systems will be made “more effective and efficient”, the statement said.

The restructuring, first announced in late 2024, has already led to significant changes. Bank branches have closed and the Volksbank and SNS brands, along with RegioBank and BLG Wonen, have since been consolidated under the ASN Bank name.

The banking group was nationalised in 2013.