The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial Service Activities, Except Insurance And Pension Funding
700 - 750 jobs Number of planned job losses
Announcement Date
19 November 2024
Employment effect (start)
1 January 2025
Foreseen end date
1 January 2028
Description
Volksbank, the Dutch financial institution behind the banks Rabobank, SNS, BLG Wonen and ASN Bank with its headquarters in Utrecht, has announced an internal restructuring with between 700 and 750 jobs cut (15% of the workforce). The reorganisation is expected to take three years. The changes will start early next year and should yield structural cost savings of €70 milion per year.
There are different reasons behind these dismissals. Firstly, these job cuts are a cost-saving measure of 70 million euros to be exact. Secondly, last year, the Volksbank received a fine of 4,5 million euros from the European Central Bank because the financial reports were incorrect. The Nederlandsche Bank has also threatened with fines. Which units are the most affected by these job cuts is unknown. There will also be major cuts in the branch network of 600 branches.
Eurofound (2024), Volksbank, Internal restructuring in Netherlands, factsheet number 201959, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201959.
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