ING to scrap 2,700 positions and lay off hundreds

ING Bank will announce hundreds of layoffs at the Dutch headquarters in Amsterdam on Tuesday. These layoffs form part of the reorganization program which was announced in November last year. A total of more than 2,700 jobs will disappear - 1,700 permanent jobs and 1,075 flexible jobs.

Tuesday's layoff-announcement in is the first "big movement of the reorganization that we announced in November", a spokesperson for the bank told the Telegraaf. "Between 400 and 500 jobs will be lost, including 100 external staff. The people concerned will become redundant and will keep working at ING for nine months. In that time they will be guided from job to job, either within or outside ING."

According to the Telegraaf, ING is in the midst of a transformation from an old bank organization with many separate divisions, to a totally different type of organization modeled after successful IT companies like Spotify and Google.