Dutch bank Van Lanschot cuts salaries, jobs
AMSTERDAM, Jan 14 (Reuters) - Dutch bank Van Lanschot (VLAN.AS) will cut salaries of its employees by up to 10 percent and lay off a few dozen people to reduce costs and cope with the economic slowdown, the company said on Wednesday.
The four board executives of Van Lanschot will get a 10 percent fixed salary reduction in 2009, while the 2,400 employees at private bank unit Van Lanschot Bankiers will not get a general 2008 bonus, a Van Lanschot spokesman said.
A third of the 400 employees at its merchant banking unit Kempen & Co face a fixed salary reduction of up to 10 percent for 2009, and Van Lanschot will lay off a few dozen Kempen employees, the spokesman said.
Van Lanschot will look at other measures to save costs, such as merging branches, and does not exclude further job cuts, the spokesman said.
He declined to say how much money Van Lanschot would save by the salary and job reductions. The bank expects an 86 percent 2008 profit decline to 30 million euros due to lower commission income and investment losses, it said last month.
Dutch financial services group ING (ING.AS) said on Tuesday it will cut 750 U.S. jobs as part of a global programme to cope with the economic slowdown. [ID:nLD218244] (Reporting by Inge de Brouwer, writing by Gilbert Kreijger; Editing by Jon Loades-Carter)
