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
6,050 jobs Number of planned job losses
Announcement Date
3 October 2016
Employment effect (start)
4 October 2016
Foreseen end date
31 December 2021
Description
The Dutch bank ING has announced a new round of dismissals in the framework of an EU restructuring that will lead to cut about 7,000 positions, mainly in Belgium (3,500 job losses) and in the Netherlands (2,300 job losses). However on the 7,000 announced job losses, about 950 affect external workers, so that the total layoff by ING bank will be 6,050. The restructuring aims to save €900 million in annual costs by 2021 and represents around 13% of the bank’s global workforce. As other EU banks, ING has to face to very low interest rates and stricter regulations. Since the global financial crisis, ING has considerably reduced its activities and its global workforce that decreased from 125,000 before the crisis to currently 52,000. Several previous EU or Worldwide restructuring activities are recorded in the ERM database : 7,000 job cuts announced in January 2009 ; 7,000 job cuts announced in September 2009; 2,350 in November 2012 and 2,400 in February 2013.
Sources
3 October 2016: Wall Street Journal
3 October 2016: Les Echos
Citation
Eurofound (2016), ING, Internal restructuring in European Union, factsheet number 88749, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88749.
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