European banks to slash 20,000 jobs failing eurozone policy bites
Experts said lenders are facing pressure to cut costs as tougher capital requirements and negative interest rates rock the sector’s profitability.
Dutch lender ING Group said yesterday it would get rid of 7,000 positions over five years as it focuses on internet and mobile banking and automates systems.
The move is expected to save the company about £780m ($1bn) a year.
ING’s announcement followed a similar job-cutting speech from Commerzbank which announced last week it plans to ditch 9,600 roles.
The second-largest bank in Germany plans to erase around one in five jobs, suspend dividends... read more
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