September 4, 2019 / 7:34 AM / 12 days ago

KBC to reduce Belgian workforce by 1,400 in three years

BRUSSELS, Sept 4 (Reuters) - Belgian bank and insurance group KBC plans to cut 1,400 jobs in its home business in the next three years in an efficiency and cost-saving drive focused on reducing management layers.

The group said on Wednesday that there would be no compulsory redundancies and that the headcount reduction would come entirely from retirement and staff turnover. Some 300 of those positions would move to the Czech Republic and Bulgaria, it added.

The bank would also terminate the contracts of about 400 external contractors, mainly working in IT.

The bank said it would in addition reduce its headcount by 250 per year in its Czech operation CSOB over the next three years. It had already cut 400 positions in the 12 months to June this year. It said it aimed to minimise compulsory job losses.

KBC group, which operates in Belgium and eastern Europe, employs 42,000 people, of which some 40% are in Belgium and 27% are in the Czech Republic.

Reporting by Philip Blenkinsop, editing by Louise Heavens

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