The leading web resource for financial technology
   
bobsguide.com

ING announces further 2,400 redundancies

email this aricle - ING announces further 2,400 redundancies - 15 February 2013 print this article - ING announces further 2,400 redundancies - 15 February 2013
ING announces further 2,400 redundancies
Johannes Henricus Maria Hommen - CEO, ING Group

ING is to implement a further 2,400 job cuts in the near future as it continues its restructuring plans.

The major Dutch financial group has revealed that 1,400 redundancies will be made in its retail banking division, with a further 1,000 positions to be axed from its operation in Belgium as it makes preparations ahead of splitting its banking and insurance arms.

According to the company, these job losses will lead to collective cost savings of around €270 million ($364 million) over the next few years.

This announcement came as part of ING's 2012 results, which revealed that the group experienced a 21 per cent hike in profits to a total of €1.43 billion over the course of the fourth quarter of last year.

Jan Hommen, chairman of the financier, said that 2012 represented a "transformational year" for the group, as it "worked decisively" in the restructuring of its operations.

By Gary Cooper

Comments (0)

No one has commented on this yet. Be the first!
Add your comment - Max 1000 characters used
More news