ING plans to shed 7,000 jobs, invest in digital platform

The layoffs represent slightly less than 12 per cent of ING’s 52,000 workforce

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ING Groep plans to shed 7,000 jobs and invest heavily in its digital platforms to achieve annual savings of 900 million euros ($1 billion) by 2021, the Netherlands’ largest financial services company said on Monday.

The layoffs represent slightly less than 12 per cent of ING‘s 52,000 workforce because nearly 1,000 are expected to come at suppliers rather than the company itself.

The job losses are the heaviest since 2009, when ING was forced to restructure and spin off its insurance activities after receiving a state bailout during the financial crisis.

Although other large banks have announced mass layoffs at branch offices in the past year to boost profitability, ING said the job cuts were partly to combine technology platforms and risk control centres as well to help it to contend with regulatory burdens and low interest rates.Read More

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