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European Banks Cutting 20,000 Jobs as ING Joins Commerzbank

ING shedding 5,800 posts over five years in digital focus
Regulatory costs, negative interest rates pressure margins

Video player cover image — Deutsche Bank, ING, and European Bank Job Cuts

By

Macarena Munoz Montijano and

October 3, 2016, 11:50 AM UTCUpdated onOctober 3, 2016, 2:10 PM UTC

European banks are preparing a fresh round of bloodletting -- with some 20,000 jobs set to go -- as tougher rules and negative interest rates weigh on profits.

ING Groep NV will slash 5,800 positions over five years as it focuses on Internet and mobile banking and automates systems, the Amsterdam-based lender said Monday. Last week, Germany’s Commerzbank AG disclosed plans to cut 9,600 jobs, while Spain’s Banco Popular Espanol SA said it will eliminate as many as 3,000 posts after tapping investors for funds.