ING plans to cut 7,000 jobs, spend on digital

AMSTERDAM: ING Group’s plan to shed 7,000 jobs and invest in its digital platforms to make annual savings of $1 billion by 2021 drew swift criticism from unions

AMSTERDAM: ING Group’s plan to shed 7,000 jobs and invest in its digital platforms to make annual savings of $1 billion by 2021 drew swift criticism from unions of the Netherlands’ largest financial services company on Monday. The layoffs represent slightly less than 12% of ING’s 52,000 workforce because nearly 1,000 are expected to come at suppliers rather than the bank. But they are the heaviest since 2009, when ING was forced to restructure and spin off its insurance activities.

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