ING announces further 2,400 redundancies

15 February 2013

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

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