ING to cut 1,000 jobs as Covid pressures results
ING will be cutting 1 thousand jobs by the end of 2021, the bank announced with its third quarter results on Thursday. The coronavirus crisis continues to pressure the bank's results and ING saw its profits after tax drop 41 percent compared with the third quarter last year.
The job cuts will mainly fall in ING's investment bank and consumer bank abroad. There may also be job losses in the Netherlands, but this must first be discussed with the unions.
In the third quarter, ING's net result amounted to a profit of 788 million euros after tax, a 41.4 percent decreased compared 1.344 billion euros in profit made in the third quarter last year. Compared to the second quarter of 2020, profits climbed by 163.5 percent.
The third quarter showed a "resilient result", with increased fee income, coupled with good cost control and lower risk costs, said Steven van Rijswijk, CEO of ING Group.
"The pandemic continues to have a significant impact everywhere, with the second wave in Europe and the US putting further pressure on consumers and businesses," Van Rijsiwjk said. "Helping colleagues, customers, and communities safely through the Covid-19 pandemic remains a top priority, and I am proud of how ING has stepped up to deal with this challenge."