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
800 jobs Number of planned job losses
Announcement Date
1 July 2009
Employment effect (start)
Foreseen end date
31 December 2012
Description
On 1 July 2009 Dutch financial services company ING Groep NV (ING) announced that it will restructure its insurance activities in the Netherlands with the consequent loss of 800 jobs (10% of its workforce) over the next three years. The company is to merge its three Dutch insurance brands - Nationale Nederlanden, RVS and ING - into one organization under the Nationale Nederlanden brand.
Background is a loss in market share and the need to streamline the organisation. However, ING said it expects that forced dismissals will be an exception - most of the job cuts will be implemented through attrition, internal reallocation and non-renewal of temporary contracts.
The cuts come on top of 7,000 jobs the company is eliminating worldwide this year in a bid to lower operating costs by EUR 1 billion.
Sources
2 July 2009: Het Financieele Dagblad
Citation
Eurofound (2009), ING, Internal restructuring in Netherlands, factsheet number 69210, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69210.
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