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
3,150 - 3,500 jobs Number of planned job losses
Announcement Date
3 October 2016
Employment effect (start)
Foreseen end date
Description
ING, a Dutch multinational banking and financial group has announced that it will be cutting up to 3500 of its 8500-strong workforce in Belgium. It is likely that at least half of these will be through compulsory redundancy. Some 600 of the company's 1250 offices in Belgium are earmarked for closure. 2681 jobs will be cut in ING Belgium and 780 in its subsidiary Record Bank which will be integrated wholly into ING Belgium. The main reason behind the internal restructuring are cost saving measures to improve both the long term sustainability of the company and better service towards its clients in a context of increasing online banking services. Low interest rates and stricter banking regulations were also identified as reasons for the restructuring. Unions are disappointed by the decision of the management, especially considering the large dividends that have been paid out to shareholders in the last few years. Future actions and strikes seem to be a possibility. Other countries are affected as well. In the Netherlands a total of 2200 employees face dismissal.
Sources
3 October 2016: De Morgen
3 October 2016: De Standaard
3 October 2016: Financial Times
Citation
Eurofound (2016), ING, Internal restructuring in Belgium, factsheet number 88755, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88755.
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