ING to cut another 2,400 Benelux jobs as Q4 falls short
AMSTERDAM (REUTERS) - Dutch banking and insurance group ING announced another 2,400 job cuts, in the Netherlands and Belgium, as it prepares to separate its banking and insurance operations against a backdrop of tough financial markets.
Several European banks including Deutsche Bank and UBS have also shed staff in recent months in a reassessment of their businesses after the financial crisis.
The latest round of layoffs at ING follows a similar announcement as recently as November and brings the cuts in the past 15 months to 7,500, or roughly 9 per cent of the Dutch group's total headcount at the end of December.
ING on Wednesday reported lower-than-expected fourth-quarter net profit of 1.434 billion euros (S$2.4 billion), up 21 per cent from a year ago thanks to gains from divestments.