EMCC European Monitoring Centre on Change

ING

Company/Organisation:
ING

Geographic Location

Country: Belgium

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 8500
Group: ING Group

Employment Effects

Announcement Date: 03-10-2016
Planned Job Reductions min: 3150
Planned Job Reductions max: 3500
Type of Restructuring: Internal restructuring
Direct Dismissals: 1750
Other Job Reduction Measures: 1750

Additional Information

ING, a Dutch multinational banking and financial group has announced that it will be cutting up to 3500 of its 8500-strong workforce in Belgium. It is likely that at least half of these will be through compulsory redundancy. Some 600 of the company's 1250 offices in Belgium are earmarked for closure. 2681 jobs will be cut in ING Belgium and 780 in its subsidiary Record Bank which will be integrated wholly into ING Belgium. The main reason behind the internal restructuring are cost saving measures to improve both the long term sustainability of the company and better service towards its clients in a context of increasing online banking services. Low interest rates and stricter banking regulations were also identified as reasons for the restructuring. Unions are disappointed by the decision of the management, especially considering the large dividends that have been paid out to shareholders in the last few years. Future actions and strikes seem to be a possibility. Other countries are affected as well. In the Netherlands a total of 2200 employees face dismissal.