Belfast Telegraph

Bank axes workers as profits fall

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

The Dutch bank and insurance company said its net profit fell to €609m (£488m) from €1.69bn (£1.3bn) 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 €1.02bn (£818m), 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 €238m (£191m).