ING to cut a further 2,400 jobs as online banking takes off

A further 2,400 jobs are to go at ING, of which 1,400 will be cut in the Netherlands, the financial services group said on Wednesday.

The job losses will largely affect the retail banking sector and come on top of the 2,350 redundancies announced in November. Most of those will go at insurance arm Nationale Nederlanden.

The increase in mobile and online banking means the bank needs a smaller workforce, chief exective Jan Hommen told Radio 1 on Wednesday morning. In addition, ING needs to make cost savings, Hommen said.

The job losses were announced as ING published its 2012 results. The bank booked net profit of €3.9bn, down from almost €5.8bn in 2011. Much of the profit was due to divestments of foreign subsidiaries.

More to follow

Thank you for donating to DutchNews.nl.

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation