Dutch financial group SNS Reaal to trim 750 jobs

AMSTERDAM Thu Nov 15, 2012 5:53am EST

AMSTERDAM Nov 15 (Reuters) - Dutch bank and insurance group SNS Reaal said on Thursday it will cut 750 jobs after warning last week it will make a net loss in the fourth quarter.

The cuts are needed to meet a target of reducing operating costs by an additional 75 million euros by 2015, the company said in a statement. It did not say where the job cuts would be made.

The move comes a week after ING Groep, the largest Dutch financial services company, said it will reduce its global headcount by more than 2,000.

SNS Reaal is looking for strategic options, including possible divestment of insurance options, as it continues to suffer from its the loss-making property business, which has been hit by the euro zone crisis.

The group received 750 million euros ($959 million) of state aid in 2008 during the height of the financial crisis, and still owes 564 million euros plus a 50 percent premium, equivalent to another 282 million euros. (Reporting by Anthony Deutsch; Editing by Jon Hemming)

FILED UNDER: