EMCC European Monitoring Centre on Change



Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
66.1 - Activities auxiliary to financial services, except insurance and pension funding
Number Employed: 130000
Group: ING

Employment Effects

Announcement Date: 26-01-2009
Planned Job Reductions min: 7000
Planned Job Reductions max: 7000
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2009

Additional Information

On 16 January 2009, bank and insurance group ING announced that it will cut 7,000 jobs worldwide (2,800 in banking and 4,200 in insurance activities) by the end of 2009. The group has been hit hard by the credit crunch: the company´s financial loss amounted to one billion EUR in 2008. The bank was heavily involved in the American housing market and has twice asked (and received) financial support from the Dutch government. ING employs 130,000 people worldwide and operates in more than 50 countries.