Rabobank to cut jobs and shed assets to boost profit

Dutch co-operative bank Rabobank plans to lay off nearly a fifth of its workforce to boost profits and prepare for tougher European banking guidelines.

The bank said it would shed 9,000 of its 47,000 staff by 2018 and would cut €150 billion worth of assets from its balance sheet by 2020, to comply with a rulebook known as Basel IV intended to help make banks more resilient to economic and market shocks.

The bank is refocusing on its roots in agricultural lending and will reduce mortgage and commercial lending.