THE HAGUE – Dutch bank ING today said it will shed 1,000 jobs by the end of next year, and close offices in South America and Asia as the coronavirus pandemic hits the global economy.
The job losses come despite “resilient” third-quarter results, with profits down 41.4% to €788 million (RM3.865 billion) on a turnover of €4.28 billion, down 7.3%, said the bank in a statement.
“The pandemic continues to have a significant impact everywhere, with the second wave in Europe and the US putting further pressure on consumers and businesses,” said ING chief executive Steven van Rijswijk.
The “challenging external environment” means ING is “refocusing” its wholesale and retail activities, with a “headcount reduction” of around 1,000 full-time jobs, said the lender.
ING is the Netherlands’ No. 1 bank, employing 53,000 people in more than 40 countries.
The bank is to shut its offices in South America and some in Asia to “concentrate even more on core clients and simplify our geographical footprint”, said van Rijswijk.
ING shares dropped 2.03% to €6.26 on the Amsterdam stock exchange at the opening. – AFP, November 5, 2020
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