The Dutch bank ING announced 440 jobs cuts in the Netherlands.
The reorganisation involves 69 of its local offices (240 jobs cuts), and the private banking department, which manages the assets of wealthy individuals (200 jobs cuts). Digitalization and the COVID-19 pandemic are the main reasons behind the restructuring.
ING expects at least part of the job cuts will occur by not extending temporary contracts and a voluntary redundancy scheme. Furthermore, ING plans to support affected employees in their job search, inside or outside the company.
The closure of 69 local offices comes on top of the closure of 40 offices in July 2020, which could then be realised without job cuts. After the reorganisation, only 60 local offices remain open. Instead, ING aims to expand the number of "service points" in stores of other companies, for example, bookstores, from 75 to 321.