Rabobank to Cut About 5,000 Jobs in Coming Years to Lower Costs

Rabobank Group plans to cut 5,000 positions, more than 10% of its total workforce, as the Dutch lender seeks to lower costs after the pandemic hit profit.

Plans to improve the company’s cost-to-income ratio are expected to reduce the workforce by the equivalent of 1,000 full-time jobs over the next five years, according to a statement from the Utrecht, Netherlands-based bank on Thursday.

Rabobank, which employs more than 40,000 people, said net profit plunged 50% to 1.1 billion euros ($1.3 billion) last year, with the coronavirus pandemic “primarily visible” in a jump in impairment charges to 1.9 billion euros.

The ...