- Centralisation of selected mid-office activities
- Following the 10% salary reduction for members of the Board of Managing Directors, there will also be a 10% reduction in the remuneration of the Supervisory Board and a 7% reduction in the remuneration of senior management
- Efficiency measures expected to be realised partly through regular attrition; forced redundancy of several dozen employees may not be avoidable
The current economic climate, and the difficult stock market environment in particular, has resulted in a fall in the level of income being earned by Van Lanschot going forward. For this reason, Van Lanschot is implementing measures in the short term to reduce the cost base of the bank.
Besides the previously publicised 10% reduction of the fixed salary of members of the Board of Managing Directors, the bank has also decided to implement a 10% reduction in the remuneration of the members of the Supervisory Board and a 7% reduction in the remuneration of senior management. Furthermore, the 'general bonus' for 2008 for all employees will not be paid out. In addition, selected mid-office activities, including the administration of mortgage and loan applications, will be centralised. Other measures are currently being considered.
Taken together, the efficiency measures will impact the positions of some 150 FTEs. We expect that some of the employees affected will move to other positions within the bank. Some of the job positions will disappear through regular attrition, however the forced redundancy of several dozen employees may not be avoidable. Discussions are currently being held with the trade unions regarding a new social plan for redundancies.
's-Hertogenbosch, the Netherlands, 13 February 2009
Van Lanschot Media Relations: Etienne te Brake, Corporate Communication spokesperson
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor Relations Manager
Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the oldest independent bank in the Netherlands with a history dating back to 1737. Van Lanschot focuses on three target groups: high net-worth individuals, medium-sized businesses (including family businesses) and institutional investors. Van Lanschot stands for high-quality services founded on integrated advice, personal service and customised solutions. Van Lanschot NV is listed on the Euronext Amsterdam Stock Market.
The press release can be downloaded from the following link: