ING to slash 7,000 jobs in digital platform

Photo related to ING Bank logo.

Amsterdam: The Dutch multinational banking and financial services corporation ING bank has decided to cut nearly 7,000 jobs in digital platform which would save $1.01 billion in annual costs by 2021.

The ING bank aims to join its banking operations in Europe and move toward one digital platform, in the next couple of years.

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According to bank official, it would invest 800 million euros ($896 million) to improve its digital services.

ING’s Chief Executive Ralph Hamers said the latest measures are made “from a position of strength,” referring to previous restructuring plans that bolstered ING’s capital position and made it less complex.

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The official further said that the equivalent of 3,150 full-time jobs will be lost in Belgium by 2021, close to a third of the total in the country while in the Netherlands, 2,300 jobs are to be shed, equivalent to about 15 per cent of full-time staff.

The Chief Executive of the bank’s Belgian arm, Rik Vandenberghe, said that the decision was “a shock for a lot of people and was not an easy decision”.

 

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