ING to eliminate 7,000 jobs
by Kay Murchie
Banking and insurance group, ING, is set to shed 7,000 positions from its workforce as it looks to save €1 billion (£949 million), as a result of challenging economic conditions.
The job losses represent 5.4% of its 130,000 workforce but the Dutch firm has not given details yet as to where the jobs will be eliminated.
Furthermore, the company has confirmed that its chief executive, Michel Tilmant, is to step down and will be replaced by Jan Hommen, currently chairman of the supervisory board.
ING, which is one of the world’s top 20 banks by market capitalisation, said it has signed an agreement with the Dutch state on an illiquid assets back-up facility covering 80% of its mortgage-backed securities.
The company, which has 85 million clients, received €10 billion from the Government last October to help it through to the economic crisis. The group now expects to make a 2008 loss of €1 billion.
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Tags: challenging, conditions, Dutch state, economic, ING, Jobs, loss, Michel Tilmant, mortgage backed securities, resign
