ING plans to shed 7,000 jobs, invest in digital platforms
ING Groep, the largest Dutch-based financial services company, said on Monday it plans to shed 7,000 jobs and invest heavily in its digital platforms in order to save 900 million euros (773 million pounds) annually by 2021.
Ahead of an investor day, the company said it was pressured to take the move because of regulatory burdens and ultra-low interest rates.
It will invest 800 million euros in the coming 5 years, in addition to taking a 1 billion euro charge next quarter for redundancies, most of which will fall in Belgium and the Netherlands.
(Reporting by Toby Sterling)
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