Rabobank

History

2022: Curtailing activities in Russia against the backdrop of Russia's special operation in Ukraine

On March 30, 2022, against the backdrop of Russia's special operation in Ukraine, it was announced that the Dutch Rabobank was curtailing operations in Russia and terminated new contracts on behalf of its company DLL Leasing, which leases agricultural machinery. He estimated his risks at €300 million.

2021: Plans to reduce 5,000 employees

In mid-February 2021, Rabobank announced plans to reduce 5 thousand jobs, which is more than 10% of the total staff. The largest credit institution in Holland seeks to reduce costs after the COVID-19 pandemic hit financial indicators.

Bank top manager Vibe Dreiger said plans to improve the company's cost-revenue ratio are expected to lead to an average annual workforce reduction of 1,000 employees over the next five years.

Rabobank said that net profit fell by 50% to 1.1 billion euros in 2020, while in 2019 the figure was 2.2 billion euros. Like other large banks, Rabobank has been cutting staff for many years in a row. So, in 2015, 53 thousand employees worked in the bank, as of February 2021, more than 40 thousand people work in the bank. Rabobank plans to accelerate the use of digital channels, which will lead to a reduction in its branch network in the coming years. In 2019, the bank had over 300 branches, it is expected to decrease to 100-150.

Rabobank plans to lay off 5 thousand employees

The lender, best known for funding food and agricultural traders, said the redistribution of jobs at Rabobank would partially mitigate the impact of forced cuts. For example, the bank needs more employees in branches that specialize in the prevention of money laundering and other criminal activities. The bank also intends to further simplify its wholesale and agricultural business and sees growth opportunities in the field of food, agriculture and leasing.

Low interest rates, tightening legislation and digitization also seriously affect the banking landscape, Vibe Drager said in a statement. - In this difficult environment, we will continue to focus on further improving our operational and financial performance.[1][2]

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