AMSTERDAM Nov 15 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
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)