Job losses likely at Dutch Central Bank as it plans 10 percent cost cut

The Dutch Central Bank (De Nederlandsche Bank, DNB) announced plans for a multi-year reorganization aimed at cutting costs by 10 percent, a move that will likely include job losses, though the exact number remains unknown. “The DNB 2030 change program will involve the loss of jobs,” the bank said.

DNB, which employs more than 2,300 full-time staff, said it intends to eliminate approximately 60 million euros in expenses to keep its 2030 budget at current levels, despite ongoing wage increases and rising operational costs.

President Olaf Sleijpen acknowledged the impact on staff, saying, “We realize this will have a major impact on our people. We will carry out the entire process carefully, with attention to our employees and the quality of our work.”

The bank’s budget has grown significantly since 2020 due to new statutory responsibilities and rapidly rising salaries and other costs, reaching 576 million euros. DNB reported losses in recent years for the first time since 1931, largely due to high interest rates.

In 2024, DNB posted a loss of nearly 3.5 billion euros. The bulk of that, more than 2.3 billion euros, was absorbed by provisions the bank had previously made for financial risks, while the remaining 1.1 billion euro was charged to capital and reserves. In March this year, the bank reported a loss of more than 3 billion euros for the second consecutive year, citing higher interest rates.

Despite the ongoing losses, Sleijpen said the bank will continue to carry out its core functions: “Ensuring stable prices, supervising a healthy and ethical financial sector, promoting an effective, safe, and efficient payment system, and maintaining financial stability in the Netherlands.”