ING cuts 2,350 jobs, posts profit plunge
THE HAGUE (AFP) - Dutch bank ING on Wednesday said it would cut a further 2,350 jobs in the coming years as it announced a sharp drop in net profits for the third quarter.
Some 1,350 jobs would go from its insurance branch in Europe by the end of 2014, saving 200 million euros ($314 million) a year, while 1,000 posts would be axed from its banking branch from 2015, saving 260 million euros, ING said.
Net profit for the third quarter reached just 609 million euros, sharply down from the 1.69 billion euros posted for the same period a year ago.
The results were lower than analyst forecasts of 831 million euros as polled by Dow Jones Newswires.