ING to cut 1,000 jobs
ING Belgium, the subsidiary of the Dutch banking and insurance group, has announced it will cut 1,000 jobs, or 10% of the workforce, by 2015. The job losses, brought about by the growth in internet banking and low interest rates, are to come about by natural wastage, CEO Ralph Hamers said, and would involve no compulsory redundancies.
Christian union ACV claimed that the explanation of internet banking was “a facile excuse”. ING enjoys a strong position on the local banking market, said ACV secretary Herman Vanderhaegen. “But I would point to the cut-throat competition between banks. Because the other banks are making cuts, ING is under pressure to do the same.” Last December, BNP Paribas Fortis announced the loss of 1,800 jobs.
In 2012, ING Belgium made before-tax profits of €1.15 billion, 10% up on the previous year. Pre-tax profits for the group were €3.5 billion, with banking alone accounting for €3.2 billion of that, a decrease of 22%.
