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 Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
850 - 1,000 jobs Number of planned job losses
Announcement Date
7 November 2007
Employment effect (start)
31 December 2008
Foreseen end date
31 December 2011
Description
ING, the multi-national financial services group, has announced that it is to cut 850 jobs across Belgium. The job losses stem from the decision of the group to automate certain banking services within their Belgian branch network. The job losses will be implemented between the end of 2008 and the end of 2011. Management personnel at the firm have stated that no compulsory redundancies will be made and that the job losses will be achieved through a policy of not replacing retiring staff. ING employs 12,000 in Belgium.
Sources
11 April 2009: L'Echo
7 November 2007: L'Echo
Citation
Eurofound (2007), ING, Internal restructuring in Belgium, factsheet number 66061, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66061.
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