ING customers are furious by the prospect of their bank maybe charging negative interest on their savings accounts. CEO Ralph Hamers mentioned this as an option to cushion the blow should the European Central Bank decide to cut interest rates again, RTL Z reports.
The Netherlands could have attracted many more jobs from financial businesses fleeing the Brexit if it wasn't for the country's strict rules on bonuses, according to CEO Ralph Hamers of ING. Dutch law "has a lot of limits", Hamers said, NU.nl reports.
Under Dutch law, bonuses in the financial sector may not exceed 20 percent of the annual salary. This is a lot lower than the 100 percent limit in the European Union. "If you believe that people in the financial sector are stimulated by variable pay, then Amsterdam is not the obvious place to expand to", Hamers said.
Jeroen van der Veer, president of ING's board of commissioners, again defended the bank's now scrapped plan to increase the salary of CEO Ralph Hamers from 2 million to 3 million euros per year. The bank has to increase the executives' salaries if it wants to remain an international player, Van der Veer said in the Tweede Kamer on Wednesday, AD reports.
ING decided to withdraw a proposed salary increase for CEO Ralph Hamers due to mass criticism from society and politicians. "We realize that we underestimated the public response in the Netherlands to this clearly sensitive issue", chairman of the supervisory board Jeroen van der Veer said in a statement on Tuesday, ANP reports.
Many ING customers are furious about CEO Ralph Hamers' salary increase from 2 million to 3 million euros per year and are switching to sustainable banks like Triodos and ASN, the Parool reports.
An ASN spokesperson told the newspaper that the bank saw five times more new customers between Thursday and this weekend than usual, as well as a tenfold increase in the number of applications for accounts. "If people indicated online why they're switching, it usually involved the hassle at ING."
GroenLinks wants to block a massive salary increase for ING CEO Mark Hamers with a legislative amendment. Party leader Jesse Klaver hopes to pass this law through parliament and the Senate as quickly as possible, so that it can be submitted to the Council of State for urgent advice this week. ING shareholders will discuss the proposed increase on April 23rd, ANP reports.
ING Bank raised the salary of CEO Ralph Hamers by more than half this year, to over 3 million euros, NOS reports. Parliamentarians are furious and demand an explanation. Minister Wopke Hoekstra of Finance is "not amused", according to newspaper AD.
The biggest threat to the future of the baking world is not startups, but major technology platforms like Google, Apple and Amazon - Amazon in particular, ING CEO Ralph Hamers said to Financieele Dagblad.
Dutch bank ING saw its net profits increase to 1.35 billion euros in the third quarter, an increase of 27 percent compared to the same quarter last year. The bank's total income rose by 9 percent to 4.4 billion euros, ING announced on Thursday, ANP reports.
ING granted more loans to consumers and businesses and took in more savings. ING's loans increased by 3.6 billion euros and on balance attracted 2 billion euros in savings. Despite the low interest rates, the bank got "healthy" margins on its loans.
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.
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.
ING bank will likely layoff a number of London staff members if the United Kingdom decides to withdraw from the European Union, the so-called Brexit, CEO Ralph Hamers said to Bloomberg. Hamers' statement follows a similar statements from HSBC Holdings last week and other financial institutions.
Dutch bank ING decided to stop financing new coal plants with immediate effect. The bank will also no longer provide credit to new clients in the energy industry that rely on coal more than 50 percent.
Banks want politicians to stop with the ever increasing rules and requirements for the sector. They fear that all these requirements will force them to implement extra fees on loans and mortgages.
ING bank reported a net result of 1.18 billion for the first quarter of 2015. This is a 43 percent improvement on the result from a year ago, and more than double the amount earned in the fourth quarter of 2014. Including the performance of the insurance branch, ING showed a net result of 1.77 billion in the first quarter.
ING wants to give CEO Ralph Hamers a wage increase of more than 28 percent, NRC reports based on the annual report ING published today. If the supervisory board approves this wage increase, his salary will increase from 1.27 million last year to 1.63 million in 2015.
ING announced on Tuesday that it will cut approximately 1,700 jobs in the Netherlands within the next three years. The financial group wants to focus more on the digitization of its banking activities.
Multinational financial services group ING on Wednesday announced a net profit in the second quarter of 1.07 billion. The profit represents a increase of 19 percent and topples all estimates, the company said.
ING has announced that it is brining its insurance branch to the Amsterdam stock exchange in an IPO move. This may take place within two months, the NOS reports.