ING adds to European banking job cuts
(5 October 2016 – Netherlands) ING will slash 5800 positions over five years as it focuses on Internet and mobile banking and automates systems, the Amsterdam-based lender said.
The announcement follows that of German bank Commerzbank, that plans to cut 9600 jobs, while Spain's Banco Popular Espanol SA said as many as 3000 people will be let go following an attempt to raise more capital.
ING expects to save about €900 million (A$1.3 billion) a year as a result of the downsizing while investing about €800 million in digital technology. It's biggest Dutch rival, ABN Amro Group, said last month it would eliminate as many as 1375 jobs, or 6 percent of the workforce, through 2020.
According to some reports, headcount across 26 European, Swiss and Nordic banks has fallen by more than 150,000 to 2.1 million staff since the end of 2007.
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