Dutch firm ING to cut 2,350 jobs


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The Independent Online

ING Groep NV has revealed plans to cut 2,350 jobs alongside a sharp drop in third-quarter profits.

The Dutch bank and insurance company said its net profit fell to 609 million euro (£488 million) from 1.69 billion euro (£1.3 billion) a year ago.

It says the decline was due to it selling assets at a loss to eliminate the potential for bigger losses later.

The job cuts represent 2.5% of ING's workforce.

ING, which is still negotiating with European regulators over compensation for its 2008 bailout by the Dutch state, said underlying bank profits rose 16% to 1.02 billion euro (£818 million), as it attracted retail depositors and margins improved.

ING blamed lower interest rates for a 39% fall in the insurance division's operating profit to 238 million euro (£191 million).