New ING boss takes a pay cut, but still gets a €1.27m annual salary

ING’s new chief executive Ralph Hamers will earn some €83,000 less than current CEO Jan Hommen, news agency ANP said on Thursday.

Hamers will have a basic pay package of €1.27m, according to the agenda for the financial services group’s AGM. This is considered low in senior banking circles, news agency ANP said.

Hamers, 46, is currently head of ING’s Belgian operations.

The agenda does not mention any potential bonuses. ING is banned from paying them until it has paid back all the money it borrowed from the government.