ING to cut 230 jobs as it has ‘too many' managing directors
The Dutch lender plans to eliminate 230 roles across its wholesale banking division, according to a statement on Monday (Jun 30). The cuts 'will be focused on Directors and Managing Directors in commercial, front office roles' as the lender has 'too many senior roles,' it said.
ING's shares were 1.2 per cent lower at 18.60 euros apiece at 10.17 am in Amsterdam.
ING chief executive officer Steven van Rijswijk told Bloomberg News earlier this month that he may slow the pace of share buybacks after increasing the amount of money he wants to keep in the bank as safety cushion.
European banks have cited macroeconomic uncertainty and geopolitical tensions as rising risks for their businesses as a result of the global trade war.
ING on Monday explained the restructuring by a combination of 'market circumstances' and the goal of 'rebalancing' its staff for growth. The cuts would be split proportionally across its locations, it said.
Competitor ABN Amro Bank earlier this year announced a hiring freeze to help meet its full-year cost guidance and a reorganisation of its corporate banking unit in June.
ING will continue to hire in areas where it needs to grow 'specialist skills,' it said in the statement. The company also wants to 'increase the size of our pool of junior talent.'
It is also exploring the possibility of acquiring a US banking licence, a move that could bolster its access to US dollar liquidity in exchange for greater supervision by US regulator, Bloomberg reported in May. The bank has been bolstering the treasury department of its ING Americas division ahead of the push. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
30 minutes ago
- Straits Times
EU Commission discusses curbs on Israel research funding amid Gaza pressure
Find out what's new on ST website and app. FILE PHOTO: Palestinians gather at the site of an overnight Israeli air strike on a house, in Khan Younis in the southern Gaza Strip, July 28, 2025. REUTERS/Ramadan Abed/File Photo BRUSSELS - European Commissioners will on Monday discuss a proposal to partially suspend Israel's access to the EU's Horizon research funding program following calls from EU governments to increase pressure on Israel over the humanitarian crisis in Gaza. Multiple EU countries said last week that Israel was not living up to its commitments under an agreement with the European Union on increasing aid supplies to Gaza and asked the Commission to put concrete options on the table. The proposal was mentioned in a published agenda of Monday's meeting of the College of Commissioners, the top decision-making body of the European Union's executive. But the Commission has not explained it in detail. EU and Israeli officials had no immediate comment on the proposal. Israel has been participating in the EU's research programs since 1996, taking part in thousands of joint research projects over the past decades. Earlier this month, EU foreign policy chief Kaja Kallas said Israel had agreed to expand humanitarian access to Gaza, including increasing the number of aid trucks, crossing points and routes to distribution hubs. But in a tense meeting of European ambassadors in Brussels last week, countries including France, the Netherlands and Spain said not enough was being done, according to diplomats. Top stories Swipe. Select. Stay informed. Asia Thailand, Cambodia agree to 'immediate and unconditional ceasefire' to de-escalate border row Asia Gunman kills 5 near Bangkok's Chatuchak market before taking own life Singapore Tanjong Katong sinkhole: BCA to conduct independent probe, act against any non-compliance Singapore Foreign workers who rescued woman from sinkhole given tokens of appreciation Singapore COE quota up 2.6% to 18,701 for August-October period Business SIA's first-quarter profits fall by 59%; airline group sees volatile times ahead Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Earlier this month, EU officials presented a list of options that the bloc could pursue to put pressure on Israel but the bloc has so far refrained from pursuing any of them. Israel on Sunday announced a halt in military operations for 10 hours a day in parts of Gaza and new aid corridors, while Jordan and the United Arab Emirates have airdropped supplies into the enclave. But officials and aid groups remain concerned and say much more needs to be done to alleviate the dire humanitarian situation in Gaza. REUTERS
Business Times
2 hours ago
- Business Times
Europe reacts with mix of relief and concern to US trade deal
[BRUSSELS] European governments and companies reacted with both relief and concern on Monday (Jul 28) to the framework trade deal struck with US President Donald Trump, acknowledging what was seen as an unbalanced deal but one that avoided a deeper trade war. The agreement, announced on Sunday between two economies that account for almost a third of global trade, will see the US impose a 15 per cent import tariff on most European Union (EU) goods – half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. 'As we await full details of the new EU-US trade agreement, one thing is clear: this is a moment of relief but not of celebration,' Belgian Prime Minister Bart De Wever wrote in a post on X. 'Tariffs will increase in several areas and some key questions remain unresolved.' Trump said the deal, including an investment pledge topping the US$550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15 per cent baseline tariff, while an improvement on the threatened rate of 30 per cent, compares with an average US import tariff rate of around 2.5 per cent last year before Trump's return to the White House. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on Sunday that it was 'the best we could get'. European stocks opened up on Monday, with the STOXX 600 at a four-month high and all other major bourses also in the green. Tech and healthcare stocks led the way. 'The 15 per cent rate is better than the market was fearing,' said Jefferies economist Mohit Kumar. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. French government ministers said on Monday that the deal had some merits – such as exemptions they hoped to see for some key French business sectors such as spirits – but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks – potentially lasting weeks or months – would be needed before the deal could be formally concluded. 'This is not the end of the story,' he told RTL radio. European companies, meanwhile, were left wondering whether to cheer or lament the accord. 'Those who expect a hurricane are grateful for a storm,' said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI. 'Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. US customers are paying the tariffs,' he said. Stellantis shares were up 3.5 per cent and car parts maker Valeo jumped 4.7 per cent while German pharma group Merck KGaA rose 2.9 per cent, in a sign of relief for those sectors. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the US and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make US$750 billion in strategic purchases over the next three years, including oil, liquefied natural gas (LNG) and nuclear fuel, the US will struggle to produce enough to meet that demand. While US LNG production capacity is due to almost double over the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast this year. Despite the lingering unknowns, analysts stressed the deal still helped decrease uncertainty. Oil prices rose on Monday, as did the euro. 'Now that there is more clarity, you would think that not only in the United States, but around the globe, there will be a little bit more willingness to look at investment, to look at expansions, and to look at where the opportunities are,' said Rodrigo Catril, senior currency strategist at National Australia Bank. REUTERS
Straits Times
3 hours ago
- Straits Times
Italy's Meloni says it's a 'positive' trade deal was reached, calls for clarity
Find out what's new on ST website and app. FILE PHOTO: Italian Prime Minister Giorgia Meloni speaks to the media with Austrian Chancellor Christian Stocker (not pictured) at Chigi Palace in Rome, Italy, July 15, 2025. REUTERS/Yara Nardi/File Photo ROME - Italy's Prime Minister Giorgia Meloni welcomed the fact that a trade deal has been reached between the European Union and the United States but said that she would be seeking more details. Washington struck a framework trade deal with the EU imposing a 15% import tariff on most EU goods. "I consider it positive that there is an agreement, but if I don't see the details I am not able to judge it in the best way," Meloni told journalists on the sidelines of a meeting in Addis Ababa on Sunday. Italy is one of the biggest European exporters to the U.S., with a trade surplus of more than 40 billion euros ($46.70 billion). The Italian government, led by a nationalist coalition, had urged its European partners to avoid a direct clash between the two sides of the Atlantic. In a statement, Meloni said that the agreement "ensures stability", adding that the 15% "is sustainable, especially if this percentage is not added to previous duties, as was originally planned." On Monday, she said "a number of elements are missing", referencing key details on "particularly sensitive sectors", such as pharmaceuticals and the automotive industry. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Business Resilient economy versus uncertain outlook splits views on Singapore's monetary policy Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Asia Cambodia says immediate ceasefire is purpose of talks; Thailand questions its sincerity Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Singapore Woman allegedly linked to case involving pre-schooler's sexual assault given stern warning She also emphasised the importance of clarifying potential exemptions for certain agricultural products and gaining a clearer understanding of provisions relating to investments and gas purchases. Italy is ready to activate support measures at the national level for the sectors that will be particularly affected, and it will ask that they also be activated at the European level. Sunday's statement was also signed by the leaders of the other two coalition parties: Antonio Tajani of Forza Italia and Matteo Salvini of the League. REUTERS
