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Netherlands' Rabobank plans to cut 3,000 jobs after 2012 profit declines 20 per cent

By: The Associated Press

Thursday, Feb. 28, 2013 at 8:39 AM | Comments: 0

The logo for Dutch co-operative bank Rabobank NV is shown. THE CANADIAN PRESS/HO

AMSTERDAM - Rabobank NV, the Dutch co-operative bank, says it plans to cut 3,000 jobs in the coming two years as profits fell 20 per cent in 2012.

Full-year net profit was €2.11 billion, down from €2.63 billion in 2011, mostly because of declines in the value of its investments in the Netherlands, where it is the largest mortgage broker. Rabobank said the job cuts, which represent around five per cent of its work force, were needed to compensate for increased spending on its Internet and mobile phone banking platforms.

Jobs lost will mostly be at the bank's Dutch retail operations.

The company added — without admitting it did anything wrong — that it expects to negotiate settlements for its alleged role in the LIBOR interest rate-fixing scandal.

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