EMCC European Monitoring Centre on Change

ING

Company/Organisation:
ING

Geographic Location

Country: World

Company

Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed: 65000

Employment Effects

Announcement Date: 07-11-2012
Planned Job Reductions min: 2350
Planned Job Reductions max: 2350
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2014

Additional Information

Dutch based ING announced it will cut 2,350 jobs, both in the insurance division (Nationale Nederlanden, 1,350 jobs) and in the banking division (1,000 jobs). The majority of the job losses will take place in the Netherlands (1400).

Background is a sharp decline in the sale of life insurance products, especially in the Benelux countries.