Tuesday 27 July 2021

SNS Reaal to cut 750 jobs

Banking group SNS Reaal said on Thursday it is cutting its workforce by 750 jobs, which will generate €75m in savings by May 2015.

Utrecht-based SNS Reaal has a current workfore of 6,700, meaning around one in nine jobs will go. The company said during its trading update last week that 300 jobs in its merchant banking division were at risk.
SNS Reaal’s property division posted a loss of €99m in the third quarter, cutting the group’s net profit to €34m.
‘We are making progress in the exploration of a broad range of scenarios for both strategic restructuring and the enhancement and simplification of our capital base, which we announced earlier this year,’ the bank said in the trading update.
SNS Reaal is the second financial services group to announce major job losses in a week. Last week, ING announced plans to cut its workforce by 2,350, describing the plan as ‘painful’.
Your thoughts? Use the comment box below

Thank you for donating to DutchNews.nl

The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.

DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.

If you have not yet made a donation, but would like to, you can do so via Ideal, credit card or Paypal.