The Associated Press March 22, 2011, 11:59AM ET

ING bank CEO gives up $1.8M bonus after outcry

Jan Hommen, the chief executive of ING Groep NV, says he will voluntarily give up the euro1.25 million ($1.78 million) bonus he had been awarded for 2010 and other managers will do the same.

Hommen's planned bonus, which was to add to a euro1.35 million salary, conforms to revamped compensation guidelines, but news of the payout was greeted with public outrage and customers threatened a boycott. Hommen said ING underestimated the negative public reaction, adding Tuesday he didn't want to hurt the bank's improving image.

ING has paid back half of the euro10 billion in state aid it received in 2008, and plans to repay the rest in the coming two years.

In February, ING reported 2010 net profit of euro3.22 billion, from a loss of euro935 million in 2009.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

AMSTERDAM (AP) -- Jan Hommen, the chief executive of ING Groep NV, says he will give up the euro1.25 million ($1.78 million) bonus he had been awarded for 2010 and instructed other managers to do the same.

His planned bonus, which was to add to a euro1.35 million salary, conforms to revamped compensation guidelines, but news of the payout was greeted with public outcry and customers threatened a boycott. Hommen said ING underestimated the negative public reaction, adding Tuesday he didn't want to hurt the bank's improving image.

ING has paid back half of the euro10 billion in state aid it received in 2008, and plans to repay the rest in the coming two years.

In February, ING reported 2010 net profit of euro3.22 billion, from a loss of euro935 million in 2009.


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