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Dutch financial, electronics giants to shed 13,000 jobs

Dutch Financial Services giant ING Group and electronics major Philips said they would slash 13,000 jobs globally as part of their cost-cutting exercise.

india Updated: Jan 26, 2009 21:05 IST

Dutch Financial Services giant ING Group and electronics major Philips on Monday said they would slash 13,000 jobs globally as part of their cost-cutting exercise.

The banking major, which anticipates a net loss of euro one billion ($1.30 billion) for the financial year 2008, said it would shed as many as 7,000 jobs to reduce operating expenses.

Also Royal Philips Electronics is reportedly planning to reduce its headcount by about 6,000 worldwide on the back of weak global economic conditions.

The announcement by the firms came on the heels of Indian conglomerate Tatas planning to axe as many as 5,000 jobs at their steel and auto subsidiaries in the UK -- Corus and Jaguar Land Rover -- in the coming weeks.

According to UK media reports about 3,500 jobs are anticipated to go at Corus this week itself, while Jaguar Land Rover is expected to see another 1,500 layoffs in the coming weeks.

ING, which is scheduled to announce its FY '08 results on February 18, said, "The workforce measures will be made in accordance with local regulations and will be discussed with the respective stakeholders."

Meanwhile, the banking firm has designated Jan Hommen as CEO of ING Group, after Michel Tilmant resigned from the board citing personal reasons.

For the fourth quarter of FY '08 ING anticipates a net loss of about euro 3.3 billion, which includes loss from its banking business at euro 1.3 billion and insurance underlying around euro two billion, the statement added.