ING’s plans to shed 7,000 jobs and invest in its digital platforms to make annual savings of €900m by 2021 has drawn swift criticism of the Netherlands’ largest financial services company from unions. The layoffs represent slightly less than 12% of ING’s 52,000 workforce, because nearly 1,000 are expected to come at suppliers rather than at the bank itself. “We’re strong right now, we have good results, we are growing and then you have to do the repairs, and not when you don’t have any choice any more.“Facebook Twitter Pinterest Rik Vandenberghe, CEO of ING Belgium, addresses the media. In the Benelux countries, where most of the job cuts will fall – 3,500 in Belgium and 2,300 in the Netherlands – the company is integrating its Record Bank subsidiary, Belgium’s third largest pure retail bank, with ING. The company plans to take €1.1bn in charges, of which €1bn will be in the next quarter, for redundancies.

Source: The Guardian October 03, 2016 17:34 UTC