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 Financial Fund Management 66.30 - Fund management activities
100 jobs Number of planned job creations
Announcement Date
1 June 2016
Employment effect (start)
Foreseen end date
Description
The Private Banking unit of the Dutch bank ING, managing private funds, is hiring 100 private bankers on top of its current 600 private bankers. The bank intends to expand its market share in private banking, as it is a banking activity that requires little capital investment on the bank's behalf and is thus less sensitive to the current low interest rates, and is potentially profitable because of the commissions charged. This expansion of personnel is particularly pertinent as the rest of the organisation has seen significant job losses since the bank announced a reduction of 1700 employees and an additional 1075 external personnel in November 2014, which was to be spread out over the following three years. Just recently the bank announced a reduction of 300 jobs in the department servicing small and medium-sized enterprises.
Sources
1 June 2016: fd.nl
2 June 2016: banken.nl
Citation
Eurofound (2016), ING, Business expansion in Netherlands, factsheet number 87654, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87654.
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