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ING to Cut Bonuses ‘Significantly’ After Money Laundering Fine

  • Reduction comes after firm paid record fine in Dutch probe
  • BNP Paribas, SocGen, Deutsche Bank are also said to mull cuts
The ING Acanthus headquarter building complex in Amsterdam.

The ING Acanthus headquarter building complex in Amsterdam.

Photographer: Jasper Juinen/Bloomberg
Updated on

It’s shaping up to be a sad bonus season for Europe’s battered bankers.

ING Groep NV on Friday said payouts will be “significantly smaller” after the largest Dutch lender paid record fines to end a money-laundering probe. Two of France’s top banks are also weighing lower rewards after their trading units were hit by a broader downturn. At Deutsche Bank AG, which suffered trading headwinds as well as more scandals, the pool is expected to shrink by a tenth.