Triodos bank plans to cut up to 270 jobs to save €30 million a year
Triodos Bank on Thursday announced plans to cut up to 270 jobs as part of a major restructuring program designed to reduce annual costs by as much as 30 million euros by the end of 2028.
The job reductions will be carried out over the next three years and will result in a net cut of 250 to 270 full-time equivalent positions, the bank said. Triodos said the cuts will be achieved mainly through natural attrition, reduced external hiring, and targeted reorganization, rather than large-scale layoffs.
The bank said the transformation is also intended to help it reach the lower end of its midterm cost-to-income ratio target of 70 to 75 percent and the higher end of its return on equity target of 5 to 7 percent.
The cost-cutting measures are part of Triodos Bank’s newly launched “Fit for Impact” transformation program, which aims to "simplify the organization, improve efficiency, and strengthen customer focus."
Triodos said the reduction in staff and other efficiency measures are expected to deliver annual savings of 25 million to 30 million euros by the end of 2028.
Marcel Zuidam, the Chief Executive Officer, stated that the changes aim to maintain Triodos' competitiveness while adhering to its mission. “Triodos Bank has always believed that finance can be a catalyst for positive change,” Zuidam said. “With Fit for Impact, we are taking the necessary steps to ensure we remain adaptive, efficient, and focused on what matters most: delivering value for our customers, empowering our co-workers, and maximizing our contribution to a sustainable future.”
Zuidam acknowledged the impact on employees, reaffirming the bank's commitment to supporting affected staff "with care and responsibility."
