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ING to cut 2,350 jobs as Q3 earnings drop sharply

Wednesday 07 November 2012

Financial service group ING on Wednesday announced plans to cut its workforce by 2,350, describing the plan as ‘painful’.

Some 1,350 jobs will go at the insurance arm and 1,000 in the banking division, generating structural savings of some €460m from 2015 onwards. The measures are a result of a 'strategic' review of both operations.

ING booked sharply lower profit of €609m in the third quarter of 2012, down 64% on the year-earlier period.

Underlying operating profit from banking operations was up 16.3% at just over €1bn while the insurance result was down over 90% to €44m.

During the third quarter, ING announced a number of divestments and ‘made good progress’ in its ‘constructive dialogue with the European Commission about revisions to the restructuring plan,’ chief executive Jan Hommen said in a statement.

The European Commission ordered ING to sell off some activities in return for a €10bn bail-out in 2008.

Do you work for ING? Share your thoughts using the comment box below.

© DutchNews.nl


Readers' Comments

More than 600 million Euros in profit and they fire people? Have they no shame?

By Bandito Rascalino | 7 November 2012 10:56 AM

I think some of those economists who predicted NL trade and export is back to the pre-crisis levels are among them.

By dork | 7 November 2012 11:51 AM

Well the savings of 460 million euros should go some way to paying the 619 million dollar fine for services to money laundering.

By Dr Ponzi | 7 November 2012 12:05 PM

ING to cut 2,350 jobs as Q3 earnings drop sharply. The price of taking money from the devil.

By Terence Hale | 7 November 2012 4:01 PM

Why not just ask: "Are you gonna be sacked?"

More bank bail-outs again, duh!

By The visitor | 7 November 2012 4:45 PM

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