ING cuts thousands of jobs

Bank insurer ING is in deep turmoil. In addition to a 64% drop if its net profit in the third quarter of 2012 to 609 million EUR (783 million USD), to a restructuring and to sale of assets, the Dutch giant announced the dismissal of 2 350 employees. Nearly 1350 positions will be suppressed in the insurance sector against 1000 in the bank. The group believes that these measures will yield 200 million EUR (257 million USD) in savings for the insurance business in 2014 and 260 million EUR (334 million USD) in private banking as of 2015. ING is committed to quit the insurance sector in 2013. This measure is the direct consequence of the group’s bailout by the government in 2008.