Changes made at ING
(2 February 2009 – Global) Dutch Bank ING Group has announced the appointment of a new CEO and a cost cutting exercise that could reduce the workforce by 7000, after revealing preliminary results that show a net loss for 2008.
The global bank announced a preliminary net loss of approximately 1 billion euros (A$2 billion) for the year ended 2008.
The result is primarily due to losses in the insurance department, while the banking unit of the global group was marginally profitable, supported by retail franchise in its home markets.
With the confirmation of results to be released later in February, ING has moved quickly to announce a new CEO, Jan Hommen.
Jan Hommen is currently Chairman of the Supervisory Board of ING Group.
ING announced that in light of the extraordinary developments over the past few months and given his personal condition, current chief, Michel Tilmant, will step down from the Executive Board effective immediately.
Under the new CEO and given the impending 2008 loss confirmation, ING has embarked on an aggressive cost reduction program across its global operations including a global reduction of 7,000 jobs out of a 130,000 strong workforce.
ING’s Australian operations are said to be safe however, with an ING Australia spokesman saying that the bank does not anticipate any major employment changes due to the current volatile markets.
The result is primarily due to losses in the insurance department, while the banking unit of the global group was marginally profitable, supported by retail franchise in its home markets.
With the confirmation of results to be released later in February, ING has moved quickly to announce a new CEO, Jan Hommen.
Jan Hommen is currently Chairman of the Supervisory Board of ING Group.
ING announced that in light of the extraordinary developments over the past few months and given his personal condition, current chief, Michel Tilmant, will step down from the Executive Board effective immediately.
Under the new CEO and given the impending 2008 loss confirmation, ING has embarked on an aggressive cost reduction program across its global operations including a global reduction of 7,000 jobs out of a 130,000 strong workforce.
ING’s Australian operations are said to be safe however, with an ING Australia spokesman saying that the bank does not anticipate any major employment changes due to the current volatile markets.
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