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ING Plans to Reduce Its Workforce by Up to 11% in Overhaul

  • Most reductions taking place in The Netherlands and Belgium
  • Bank plans to invest 800 million euros in digital upgrade
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ING's Digital Future Means Fewer Jobs, Says CFO Flynn

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ING Groep NV plans to eliminate about 5,800 jobs, or 11 percent of its workforce, as the largest Dutch lender seeks to cut costs and accelerate its digital transformation.

The bank expects to save about 900 million euros ($1 billion) a year through the program, which includes about 2,300 cuts in the Netherlands and about 3,500 reductions in Belgium, over five years, Amsterdam-based ING said in a statement Monday. The company said it will invest about 800 million euros in digital technology.