ING boss: Job losses due to digitization, not budget cuts

Digitization always comes at the expense of jobs, ING bank CEO Ralph Hamers said to RTL Z. He emphasized that the 7 thousand jobs disappearing from the Benelux are not because of cutbacks.

The intent of the major reorganization starting at the bank is not to reduce jobs, but to "invest 800 million into bringing ING to the next stage", Hamers said. The bank's been successfully working on that for three years. "We got 3 million new customers, could spend 56 billion on new loans and we have a stronger capital position than ever before."

Some of the 2,300 jobs disappearing from the Netherlands may be transferred to another department. "Some will find a new job within ING, some beyond it. We will discuss that with the unions." The bank hired a mediation agency to help in these discussions.

According to Hamers, ING has no choice but to adapt to digitization. "We want to be a successful business and by focusing on digitization we can grow." he said. "You have to fix the roof while the sun is shining."