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Economy 2012: ING CFO on Q3 Results

Wednesday, November 07, 2012 - 04:40

Nov. 7 - ING Chief Financial Officer Patrick Flynn talks to Reuters Insider about the bank's third-quarter results.

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And. ING is the latest find tournaments job cuts the Dutch financial group gets a bit of more than 2000 stuff. As it separates is buying an insurance operations. The announcement comes as I NG -- quarter profits missed forecast. Chief financial officer Patrick Flynn joins an -- on the link them on Saddam. But to -- outcomes -- results and a second but just won't stop with your reaction -- Obama is -- today in the states. What does that do everything for the global financial landscape. I think they're two very strong candidates. Difficult to choose between the two of them from the from this side of -- -- And I think kids that it's positive that the administration stood in places a lot of challenges. Ahead for the global economy -- for the US and that we -- we need people back to work quickly to continue trying to resolve them. Okay I'm on to your results night tonight. Why the profits missed forecasts by such a large margin table talking more than 250 million euros off. Com well you know we posted -- third quarter profit of 719. Million. It's a very groups that are result in the context of it's difficult economic environment -- who interest rates. You know the -- Report a couple of billion that's actually -- 3% compared to preceding quarter. Yeah insurers filter I doubt this primarily in Europe. But you know the US results are are good you know our US operational missiles are up 16%. The prior quarter but quite pleased with the performance progress being made in the US insurance business. So what analysts forecast too optimistic and. You know underlying I think it's solid we've also taken some right else. Goodwill which may be the maybe but it hadn't hadn't seen -- -- you know there went off on -- the underlying his -- Okay Avant does this mean though that you will that you might consider changing your guidance for the full year. We don't give guidance. So you know -- -- that sum it up underlying performance. We're gonna continue working to deliver on that. OK on to those job cuts and the cutting 2350. More jobs. It's -- it's -- is there still room for more cost cuts and. Yes -- -- the job cuts are unfortunate and it's always difficult to do this you know people who worked very hard with to help drive this forward. But unfortunately given the economic environment we've -- take these difficult decisions. Both in the bank and also an insurance. We do go with a heavy heart. You know that goes that way. However you know we have to take the decisions that are right the company going forward that we do we will we will continue to look at what's been in the past this and interest -- -- -- take appropriate decisions. And like of economic circumstances as they prevail. You mentioned that tough conditions and obviously 2012 was a very tough yet but it looks like 25 team. Maybe even tougher is how you see it. While there are some signs of improvement you know look at said he talked about the of the US presidential election there -- progress in the US in the US housing market improving. I think we need to get have you back to work focused on driving growth in the economy. You know without I think forms -- -- Okay just to finish up and IPOs are that you US and European insurance operations. Are we still looking at the deadline of 2013. Yes we still have that that deadline that's that we are in discussions with the C we've made good progress -- -- -- -- -- Hopefully we will revised agreement with the city. But for now it through 2013. We're working hard to that an approach that you know we have done. A program stays in very good if I say so myself. Disposes of direct US so that missiles -- this is an agent so far so you know we don't we're doing all we kept them we'll continue to do so. OK Patrick thank you very much that was Patrick Flynn. All of ING. That's that's an. CEO John Walter home one -- -- as available on the -- and coming up. We'll be speak to -- gold resort CC -- -- Bristol. -- -- -- -- This -- bulletins.

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Economy 2012: ING CFO on Q3 Results

Wednesday, November 07, 2012 - 04:40

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