Belfast Telegraph

ING to axe 7,000 jobs in cost-cutting drive

Dutch banking giant ING is to take the axe to 7,000 jobs as part of a major cost-cutting drive.

The job losses, which will take place in the Netherlands and Belgium, are part of plans to save 900 million euros (£773 million) a year by 2021.

A total of 3,500 staff will be culled in Belgium and another 2,300 in the Netherlands, with the remainder of cuts expected to fall on suppliers.

ING said it made the decision in the face of "continuous regulatory burden and a prolonged period of ultra-low interest rates".

Boss Ralph Hamers said: "Regrettably, the steps and intentions announced today would mean that a significant number of colleagues would have to leave ING.

"For the intended workforce reductions, a pre-tax redundancy provision of around 1.1 billion euros is expected to be booked, of which one billion euros in the fourth quarter of 2016."

The firm also said that it will invest 800 million euros (£697 million) in "digital transformation" to improve customer experience and accelerate growth.