Rabobank to Cut About 5,000 Jobs in Coming Years to Lower Costs
- Dutch lender says 2020 profit plunged 50% to 1.1 billion euros
- Pandemic ‘significantly’ impacted financial performance in ‘20
Rabobank said net profit plunged 50% to 1.1 billion euros last year.
Photographer: Jasper Juinen/Bloomberg
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Rabobank Group plans to cut 5,000 positions, more than 10% of its total workforce, as the Dutch lender seeks to lower costs after the pandemic hit profit.
Plans to improve the company’s cost-to-income ratio are expected to reduce the workforce by the equivalent of 1,000 full-time jobs over the next five years, according to a statement from the Utrecht, Netherlands-based bank on Thursday.