ING to cut 2,700 jobs, takes Greek hit

AMSTERDAM Thu Nov 3, 2011 2:40am EDT

Exterior of the Dutch bancassurer ING before the presentation of the company's 2010 annual results in Amsterdam February 16, 2011.    REUTERS/Jerry Lampen

Exterior of the Dutch bancassurer ING before the presentation of the company's 2010 annual results in Amsterdam February 16, 2011.

Credit: Reuters/Jerry Lampen

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AMSTERDAM (Reuters) - Dutch financial services group ING Group (ING.AS) (ING.N) said on Thursday it would cut 2,700 jobs at its Dutch banking operations to cope with a deteriorating market, which led to Greek and other impairments.

ING's announcement follows job cuts by other big Dutch lenders. Nationalised Dutch bank ABN AMRO ABNNV.UL is shedding 2,350 jobs -- some 9 percent of its workforce -- as the state readies it for a return to private hands, while Rabobank said it planned 1,200 job cuts to save costs.

"As income is coming under pressure, we must renew efforts to reduce expenses across the Group to adapt to the leaner environment and maintain our competitive position," ING Chief Executive Jan Hommen said in a statement.

Banks such as JPMorgan Chase and Credit Suisse (CSGN.VX) are shedding jobs worldwide as stricter regulations and a tough trading environment take their toll on investment banking units in particular.

ING, which said it would go ahead with its plan to list its insurance operations by the end of 2013, took a 467 million euro writedown on Greek government bonds to put them at market value and said it has written down all its bonds to market value.

The group's third-quarter net profit of 1.69 billion euros was slightly ahead of the average forecast of 1.6 billion euros in a Reuters poll of nine analysts showed.

Net profit was 371 million euros in the same period last year, when results were impacted by writedowns related to U.S. insurance operations.

(Reporting by Gilbert Kreijger; Editing by Sara Webb)

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Comments (1)
Intriped wrote:
Stricter Regulations are good, now they can not shuffle fake paper profits around the globe and then get caught 5 years later.

Nov 03, 2011 3:43am EDT  --  Report as abuse
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