ING to cuts 2,400 jobs
13 February 2013
The Dutch banking and insurance group has announced it is cutting 2,400 jobs.
ING said that around 1,400 redundancies will be made by the end of 2015 at its retail banking business in the Netherlands. This is an expansion of its transformation program which began in 2011 and the bank hopes to save an additional 120m euros per annum from 2016 onwards.
1,000 jobs are expected to go at ING Bank in Belgium, but the company says they are going through natural attrition, leading to 150m euros in annual cost savings by 2015.
The announcement takes the total redundancies at ING to 7,500 in the past 15 months.
ING says that all of these programs accounted for 452m euros in after-tax restructuring provisions booked in 2012 but they are “essential to drive future performance”. ING aims to reduce annual expenses by a combined 1bn euros by 2015.
The news comes as ING reported a 21% rise in net profit for Q4 to 1.43bn euros. But the underlying pre-tax profit at its banking operations fell 72% to 184m euros and its insurance unit made a profit of 272m euros.
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