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 64.9 - Other financial service activities, except insurance and pension funding
800 - 900 jobs Number of planned job losses
Announcement Date
16 December 2016
Employment effect (start)
Foreseen end date
31 December 2020
Description
SNS Bank has announced to its employees that between 800 and 900 full time jobs will be cut in the next four years. The reorganisation is to result in cost savings amounting to €100 million in the coming years, which is deemed necessary due to the currently low interest rates putting pressure on the bank's profit by decreasing the difference between earnings on mortgages and expenditure on private savings accounts, the bank's most important products. As of December 2016, it is yet uncertain which departments will be affected and whether forced redundancies will be necessary, but it is certain that part of the redundancies will be among external hires. The union FNV has again expressed its concern about ongoing restructuring in the banking sector and calls for concerted efforts by both employers and employees to bring it to a halt. SNS Bank was nationalised in 2013 and is the only large bank in the Netherlands that has not implemented large-scale reorganisations in recent years. It now is the last bank to reorganise, following Rabobank, ABN Amro and ING.
Sources
16 December 2016: fd.nl
16 December 2016: Nos.nl
16 December 2016: Nos.nl
Citation
Eurofound (2016), SNS Bank, Internal restructuring in Netherlands, factsheet number 89720, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89720.
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