ING in the Netherlands plans to cut 2,700 jobs in retail
banking, as part of its cost cutting measures.
ING said it will cut 2,700 positions, including 700 contract
workers, at its retail banking division in the Netherlands over the
next two years.
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The cuts, announced in the bank’s 3Q results,
will be made in an attempt to save €300m ($412m) annually for ING
from 2014 onwards. The bank has said it does not intend to make any
redundancies on the client facing side of its retail banking
operations.
“As income is coming under pressure, we must
renew efforts to reduce expenses across the Group to adapt to the
leaner environment and maintain our competitive position,” ING
Group CEO Jan Hommen said in a statement.
Hommen added that regarding its retail banking
operation in the Netherlands, ING is “taking decisive steps to
reduce costs by decreasing overhead and improving efficiency
through operational excellence” and it is “inevitable” that these
measures will lead to redundancies.
Financial institutions across the world are
laying off employees in their attempts to lower costs.
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By GlobalDataIt was reported in September that
Bank of America (BofA) plans to shed up to 40,000 jobs, 1-in-7
of its workforce. Barclays and Lloyds Banking Group have also
announced reduction of their workforces.
Credit Suisse earlier this week revealed plans
of more job cuts, in addition to approximately 2,000 job cuts
announced in July.
