ING Plans to Cut Workforce by 11%
ING Groep NV plans to reduce the workforce by 11% or 5,800 jobs as it tries to cut costs and develop its digital transformation. This will help the bank to save about 900 million euros a year which include 2,300 job cuts in Netherlands and about 3,500 reductions in Belgium.
“ING Groep NV plans to reduce the workforce by 11% or 5,800 jobs as it tries to cut costs and develop its digital transformation.”
Chief Executive Officer Ralph Hamers is investing in financial technology so that it can save costs in personnel and branch. The company said that it will invest about 800 million euros in digital technology. Banks across Europe have been cutting down on their workforces and investing in financial technology to ward off competition from online finance start ups.
Related Reports: Bloomberg
About ING Groep NV
We are a global financial institution with a strong European base, offering banking services. We draw on our experience and expertise, our commitment to excellent service and our global scale to meet the needs of a broad customer base, comprising individuals, families, small businesses, large corporations, institutions and governments. Our customers are at the heart of what we do.
Our more than 52,000 employees offer retail and wholesale banking services to customers in over 40 countries. Our strengths include our well-known, strong brand with positive recognition from customers in many countries, strong financial position, omnichannel distribution strategy and international network. Moreover, ING is currently among leaders in the Dow Jones Sustainability Index ‘Banks industry’ group.
Visit: ING Groep NV
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