Dutch banking and
insurance group ING has announced a further 2,400 job cuts as it
prepares to split its banking and insurance operations.
The company said that 1,400 jobs would go from its retail
banking business in the Netherlands, with a further 1,000 jobs going at
ING Belgium.
It is hoped the move will eventually result in combined cost savings of 270m euros ($364m; £230m) a year.
It takes the total job cuts at the bank to 7,500 in the past 15 months.
The announcement came as ING reported a 21% rise in net
profit for the fourth quarter to 1.43bn euros, thanks to gains from
asset sales.
However, the underlying pre-tax profit at its banking
operations fell 72% to 184m euros. Its insurance unit made a profit of
272m euros, compared with a loss of 1.51bn euros a year earlier.
In 2009, ING said it was going to sell its insurance business in order to focus on its banking operation.
Several European banks - including Barclays, Commerzbank and
UBS - have announced job cuts in recent months, with the banks
reassessing their operations following the financial crisis.
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