The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
1,000 jobs Number of planned job losses
Announcement Date
12 May 2005
Employment effect (start)
Foreseen end date
Description
Dutch banking and insurance group ING Groep NV will cut 1,000 jobs at its Dutch insurance subsidiary Nationale-Nederlanden, aimed at reducing the annual costs by €235 million at the end of 2007. Nationale-Nederlanden has currently 6,200 full-time employees. A total of 200 full-time jobs will be cut before the end of 2005, mainly at Nationale-Nederlanden offices in the Hague and Rotterdam. A part of the jobs will be cut through natural attrition. For a large number of employees it will not be possible to be transferred within the organisation. The redundant employees will be helped by Nationale-Nederlanden in finding an appropriate job, within or outside the company. A mobility centre will be set up to support employees in finding a suitable position. In addition different training opportunities will be offered, ING said. The number of external consultants and part-time workers will decrease too. However, Nationale-Nederlanden will continue to invest in information technology (IT) systems and process innovation. This is necessary for increasing the productivity and efficiency, aimed at improving the customer service and strengthening the competitive position of the products, ING said.
Sources
13 May 2005: NRC Handelsblad
13 May 2005: De Volkskrant
Citation
Eurofound (2005), Nationale-Nederlanden, Internal restructuring in Netherlands, factsheet number 61880, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61880.
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