SNS Securities cuts jobs, ends proprietary trading

AMSTERDAM | Sat Dec 17, 2011 1:07pm GMT

AMSTERDAM Dec 17 (Reuters) - Dutch brokerage SNS Securities, part of bank and insurance group SNS Reaal, will cut about 7 percent of its workforce and shut its proprietary trading business due to difficult financial market circumstances.

SNS Securities, a minor player in a Dutch market dominated by ABN AMRO, ING, Rabobank and RBS , will cut about 10 of 150 jobs, SNS Reaal spokeswoman Roelina Bolding said on Saturday.

"We are in heavy weather which is also affecting SNS Securities," Bolding said.

Some banks have reduced or ended proprietary trading, a relatively risky business that requires capital.

SNS Reaal, which is struggling with a loss-making property unit, had a capital shortage of 159 million euros at the end of September, a test from European banking regulator EBA showed last week.

Bolding said the proprietary trading closure was not related to issues of capital. (Editing by John Stonestreet)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.