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 Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66.1 - Activities auxiliary to financial services, except insurance and pension funding
7,000 jobs Number of planned job losses
Announcement Date
26 January 2009
Employment effect (start)
Foreseen end date
31 December 2009
Description
On 16 January 2009, bank and insurance group ING announced that it will cut 7,000 jobs worldwide (2,800 in banking and 4,200 in insurance activities) by the end of 2009. The group has been hit hard by the credit crunch: the company´s financial loss amounted to one billion EUR in 2008. The bank was heavily involved in the American housing market and has twice asked (and received) financial support from the Dutch government. ING employs 130,000 people worldwide and operates in more than 50 countries.
Sources
16 January 2009: NRC Handelsblad
Citation
Eurofound (2009), ING, Internal restructuring in World, factsheet number 68070, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68070.
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