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ING Groep Cutting 2,350 Jobs as Quarterly Profit Slides
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ING Groep NV, the biggest Dutch financial-services company, will cut 2,350 jobs as it lowers costs and prepares to meet pledges to sell units.
Net income dropped 64 percent to 609 million euros ($784 million) from 1.69 billion euros a year earlier, the Amsterdam-based lender said in a statement today. That missed the 846 million-euro median estimate of nine analysts surveyed by Bloomberg. Profit fell after losses on hedges protecting the insurer’s capital, a charge related to its U.S. annuity unit, and measures to cut risks from investments, ING said.