ING to Cut 230 Jobs as It Has ‘Too Many' Managing Directors
(Bloomberg) -- ING Groep NV announced a round of cuts focused on senior staff saying there are just too many of them.
The Dutch lender plans to eliminate 230 roles across its wholesale banking division, according to a statement on Monday. 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% lower at €18.60 apiece at 10:17 a.m. 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 NV earlier this year announced a hiring freeze to help meet its full-year cost guidance and a reorganization 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 license, a move that could bolster its access to 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.
(Updates with shares and details from third paragraph)
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