ING Groep NV, the biggest Dutch financial-services company, will cut 2,350 jobs in its banking and insurance units after reporting a 64 percent slump in third-quarter profit. Photographer: Jock Fistick/Bloomberg
Chief Executive Officer Jan Hommen is under orders to sell its insurance operations by the end of next year after ING received a 10 billion-euro government bailout in 2008. As the bank prepares to sell shares in its European insurance unit to the public, it’s cutting 1,350 jobs by 2014 and another 1,000 in commercial banking to make total savings of 460 million euros from 2015, it said today.
“These cost-cutting measures are an appropriate step in getting the European insurance unit ready for divestment,” Lemer Salah, an analyst at SNS Securities in Amsterdam with a buy rating on the shares, said by e-mail. “Information- technology support in particular was a huge cost unit and it’s good they’re striving for more efficiency.”…
via ING Groep Cutting 2,350 Jobs as Quarterly Profit Slides 64% – Bloomberg.
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