Bloomberg News

ING to Cut 60 Asia Commercial Banking Jobs by End of June 2013

November 21, 2012

ING to Cut 60 Asia Commercial Banking Jobs by End of June 2013

The Dutch firm said it will eliminate 1,350 insurance jobs by 2014 and another 1,000 in commercial banking to make the savings by 2015. Photographer: Jock Fistick/Bloomberg

ING Groep NV (INGA), the biggest Dutch financial-services company, will eliminate 60 jobs at its commercial bank in Asia by the end of June as part of its three- year plan to reduce costs by 460 million euros ($590 million).

The company cut 13 jobs across six countries in Asia in the past week and will make the remaining reductions in the first and second quarters of next year, Mark Newman, chief executive officer of ING’s commercial bank in Asia, said yesterday in an e-mail to employees reviewed by Bloomberg.

“This measure taken at ING Commercial Banking Asia is the result of a strategic business review to ensure our business remains competitive,” Eileen Lau, a Singapore-based spokeswoman for ING, said by e-mail. The company employs 850 people at its commercial bank in Asia, she said.

The Dutch firm said on Nov. 7 it will eliminate 1,350 insurance jobs by 2014 and another 1,000 in commercial banking to make the savings by 2015. Third-quarter net income dropped 64 percent to 609 million euros from 1.69 billion euros a year earlier, the Amsterdam-based lender said in a statement that day.

To contact the reporter on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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