Dutch private bank Van Lanschot has said that it will slash 250 jobs in 2013 and 2014 as part of its previously announced strategic review.

Van Lanschot chief executive ordered a strategic review at the start of the year as it was suffering from higher bad debt costs due to the recession in the Netherlands, and made a net loss of EUR155 million in 2012.

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The bank has also decided to to reduce its corporate loan book by almost 50% and also reduce the number of products. It also outlined it plan to simplify product portfolio, organization and IT infrastructure.

However, the bank now plan to offer more online solutions for wealth management, investment advice and savings in combination with personal service and specialist expertise as part of the new strategy.

Presenting the results of the strategic review, Karl Guha, CEO of Van Lanschot, said: "We have made a clear choice to position ourselves as a specialized, independent wealth manager, dedicated to the preservation and creation of wealth for our clients."

"We see significant opportunities for growth in these core activities. We will improve our private banking offer for clients in the Netherlands, Belgium and Switzerland, and extend it to include additional online services. Moreover, we will welcome starters on the wealth management market so they too can benefit from our know-how and the attention we pay to our clients," Van Lanschot added.

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The bank said that it will create new specialized job positions within its private banking, asset management and merchant banking core activities in order to facilitate planned growth.