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ING Plans to Cut 1,700 Dutch Jobs After Repaying Bailout

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ING Groep NV, the Dutch bank that repaid a bailout earlier this month, plans to cut 1,700 jobs to simplify and automate systems and processes in its home market.

The bank will book a pretax redundancy provision of 320 million euros ($398 million) in the fourth quarter, ING said in a statement today. The firm, which has 53,000 staff, said the cuts will occur over the next three years and lead to annual gross savings of about 270 million euros from 2018.