ASN Bank scraps another 950 full-time jobs in major reorganization

ASN Bank is cutting another 850 to 950 full-time jobs as part of a major reorganization, the bank announced on Thursday. According to the bank, the job cuts are necessary due to “further simplification of the internal organizations” and are expected to save €80 million in costs per year.

The job cuts will happen gradually until the end of next year. Part of the jobs will disappear through fewer external hires and not filling vacancies, but some employees will face layoffs. The bank will offer support to the affected employees to help them find new jobs.

“The bank is building on the foundation laid with the transformation that began at the end of last year,” ASN Bank wrote. At the end of 2024, the bank announced that it would merge all its different brands - Volksbank, SNS, RegioBank, and BLG Wonen - into ASN Bank. In the first half of this year, the bank already cut around 700 of its 4,500 employees and closed many branches.

Now that the name change is almost complete, “we are continuing the transformation we’ve initiated by adapting the bank’s operations under the hood,” CEO Roland Boekhout said.

ASN Bank’s new strategy revolves around “simplifcation and growth.” It will reduce the number of products it is offering and grow its core activities of mortgages, savings, and payments. The bank also wants to organize its operations, internal processes, and systems “more effectively and efficiently.”

“Naturally, I recognize the impact this further organizational simplification has on all our colleagues. This is another significant change,” Boekhout said. “I'm impressed by everyone who works with great dedication and passion for our customers and the bank every day. We continue to build a rock-solid bank with a distinctive social profile where customer relationships are paramount.”