ING slashes bonuses after money laundering settlement

ING employees can look forward to "significantly" lower bonuses this year, even though the bank is doing well with more clients and turnover. The bonuses will be lower due to a settlement of 775 million euros the bank had to pay last year for failing to monitor money laundering, NOS reports.

Last year the bank distributed 403 million euros among employees who were eligible for bonuses. This year that amount will be "considerably less", though the bank would not give NOS an amount. "We win together and lose together", a spokesperson said to the broadcaster.

ING employees who are eligible for bonuses this year, will meet with their managers this month to discuss the lower bonus. This does not affect employees whose bonus is tied directly with the bank's financial performance.