SNS Reaal

Type
Internal restructuring
Country
Netherlands
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
750 jobs
Number of planned job losses
Job loss
Announcement Date
15 November 2012
Employment effect (start)
15 November 2012
Foreseen end date
15 November 2015

Description

Bank and insurance group SNS Reaal announced it will cut 750 jobs in the coming three years, some 11% of the total number of employees. Background is the financial crisis, new rules for banks and, specifically for SNS Reaal, problems with the mortgage portfolio.

SNS is one of the Dutch banks that received state support in the context of the financial crisis.

Sources

  • 16 November 2012: De Volkskrant
  • 16 November 2012: Het Financieele Dagblad

Citation

Eurofound (2012), SNS Reaal, Internal restructuring in Netherlands, factsheet number 74618, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74618.