Volksbank plans to cut four to five hundred jobs in the next three years. That makes it parent company SNS, ASN and RegioBank, among others, announced on Friday at the publication of its annual figures. The company also reports that new jobs will be added, without stating numbers.
Volksbank is going to overhaul its organization and wants to move towards a uniform organizational structure, in which the bank becomes faster, more digital and more agile. The company also wants to expand its range of products and services and work more efficiently. However, this means that less staff is needed, resulting in the loss of hundreds of jobs.
The bank has announced that the company wants to guide the employees concerned to other work, with the help of retraining. The goal is to help as many people as possible from work to work. The company has made a provision of 45 million euros for this.
Due to the new working method, the bank also needs new people with different skills, which will also create jobs. It is still unknown how many new jobs are involved.
In the past year, Volksbank posted a net profit of 174 million euros, which was 37 percent lower than a year earlier. The total income came to 923 million euros, which was roughly the same as 2019.
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