Rabobank planning further redundancies worldwide: Report

Rabobank is due to announce thousands of extra job cuts as part of a strategy aimed at improving its balance sheet and financial results, a person familiar with the situation said on Wednesday.

The cuts, which will primarily hit back office functions both in the Netherlands and abroad, will come on top of some 3,000 redundancies already planned up until the end of 2016, the source said.

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Delegates from the regional lenders that make up the Dutch lending cooperative were meeting on Wednesday afternoon to decide on the details of the cuts, which would be voluntary as far as was possible, the source added.

The source said Dutch press reports of a further 8,000 redundancies were not wildly out of line.

Rabobank declined to comment.