DNB to cut 290 jobs: Forced redundancies unavoidable
De Nederlandsche Bank is cutting 290 jobs, or 12 percent of its workforce, to save over 70 million euros as part of a major restructuring effort. The cuts are a response to recent financial losses and rising costs, with management warning that forced redundancies are inevitable despite efforts to rely on natural turnover.
De Nederlandsche Bank (DNB) has announced a significant restructuring plan that will lead to the elimination of 290 full-time positions over the coming years. This reduction represents approximately 12 percent of the bank's current workforce of 2,380 employees. The job cuts, which primarily affect the IT, finance, human resources, and communications departments, are aimed at achieving savings of over 70 million euros to stabilize the organization's budget by 2030.
While the bank intends to rely on natural attrition to manage the downsizing, management has confirmed that forced redundancies are unavoidable. The restructuring follows a period of financial pressure, as DNB reported losses for the first time since 1931 due to high interest rates and rising operational costs, including a major office renovation and increased salary expenses. The institution expects to return to profitability by 2028 after navigating these budgetary challenges.
Based on reporting by nu. Translated and condensed by LocalHeadlines.
