ING Plans Thousands of Job Cuts, Het Financieele Dagblad Reports
A logos sits on display an ING Groep NV bank branch in Amsterdam, Netherlands, on Tuesday, July 23, 2013. Dutch pension funds will be allowed to calculate liabilities on the basis of an adjusted discount rate as the government seeks to keep the retirement system viable amid low interest rates and an aging population.
Photographer: Matthew Lloyd/BloombergING Groep NV, the largest Netherlands lender, will announce thousands of job cuts at its investor day on Monday, Dutch newspaper Het Financieele Dagblad reported Friday, citing unidentified people with knowledge of the matter.
The reorganization will result in more central management and may generate billions of euros in savings, the paper said. Raymond Vermeulen, a spokesman for the Amsterdam-based bank, declined to comment on the report. The bank employs about 52,000 people, according to its website.