Volksbank is reorganizing and cutting 750 jobs

This article was last updated on November 19, 2024

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Volksbank is reorganizing and cutting 750 jobs

De Volksbank is going to reorganize. The bank, which owns the SNS, ASN Bank, RegioBank and BLG Wonen brands, will cut up to 750 jobs next summer. This decision should lead to structural annual cost savings of approximately 70 million euros.

De Volksbank employs 4,500 people. The parent company wants to complete the reorganization before July 1. The bank also wants to focus on one brand. The merger of the various banking brands will start next year and will be completed within three years. The new brand name will be announced later this year. That will be one of the brand names.

In addition, the parent company also plans to close a number of SNS and Regiobank branches. It is not yet known how many there will be.

“We consciously choose to share all our plans now, even though not all the details have been worked out yet,” says CEO Roland Boekhout. “Instead of waiting, we are already setting the course and taking action where possible. Our employees, customers and partners deserve clarity about the steps we are going to take to become a stronger, future-proof bank that builds on a broad social foundation.”

Up to 400 new jobs

To comply with government rules and laws to combat money laundering, among other things, 350 to 400 new people are being hired. The state bank already received one last year warning from supervisor De Nederlandsche Bank (DNB), because it would not do enough to combat money laundering and terrorist financing. The people affected by the announced job losses may, provided they have the right specialization, be eligible for a new role. But forced redundancies cannot be ruled out.

There is a social plan for those employees that runs until the end of this year. And that is a bright spot, says the CNV union: “Because the reorganization has already been announced, employees can count on the social plan to apply. Fortunately, there is a good safety net.”