ING to slash 2,400 jobs
ING, the Netherlands' largest-bank by assets, is set to cut 2,400 jobs in its Dutch and Belgian retail operations in order to lower costs as a result of customers shifting to mobile and online channels.
ING, the Netherlands’ largest-bank by assets, is set to cut 2,400 jobs in its Dutch and Belgian retail operations in order to lower costs as a result of customers shifting to mobile and online channels.
ING said 1,400 jobs would go in the Netherlands, with an additional 1,000 jobs cut in Belgium.
The move is expected to enable ING to achieve savings of €270m annually and will mainly affect staff working in information technology and call centres.
ING said that the bank’s business model had to change to reflect the change in customer behaviour.
According to ING, the number of transactions made online has increased from 57% in 2008 to 84% in 2012.
Mobile banking transactions almost trebled from 9m visits a month in 2011 to 25m visits a month in 2012.
Jan Hommen, chief executive of ING Group, said restructuring was "essential to drive future performance" and would reduce annual expenses by €1bn by 2015.
He added: "Customers are rapidly moving towards more digital environments, more online usage and less of the traditional approach, and we have to respond to that.
"As we embark on 2013, the economic climate remains challenging, and we must be agile to respond quickly to the dynamic environment so that we can deliver sustainable results for the long-term benefit of all stakeholders."