ING could cut thousands of jobs in reorganization: Report

ING CEO Ralph Hamers is preparing for a major reorganization that will cost thousands of jobs as well as the autonomy of the countries where the bank is located, Financieele Dagblad reports. According to the newspaper, this plan is expected to save billions of euros in cost cuts.

The reorganization will be officially announced at ING's Investor Day on Monday. During this day, investors, analysts and media are informed about the bank's strategy.

According to the newspaper, the reorganization will not only save money. It is also intended to turn ING into a more centrally controlled operation and to extensively unite and harmonize processes. If a country exceptionally approaches an area of business, that approach will be taken as the standard of all of the bank's branches. This simplification is expected to both bring in money and make the merging of parts possible.

FD's sources say that this plan has been on the table for some time. But there's always been resistance from countries reluctant to lose their autonomy. But this time Hamers is really serious. He wants ING to take a major step forward.

ING declined to comment to the newspaper.