Dutch banking and insurance conglomerate ING is planning to slash another 2,400 jobs at its retail-banking operations, as part of its strategy to bifurcate banking and insurance businesses and save costs.
In a statement, ING Group CEO Jan Hommen said the company will reduce 1,400 positions in the Netherlands, while 1,000 jobs will be scraped in Belgium, saving €270m in combined cost per annum.
Employing nearly 93,000 staff globally, the announcement of fresh job cuts sums up the redundancies at the bank during the last 15 months to 7,500.
Under the restructuring plan announced in 2009, ING is gearing up to emerge as a Europe-focused bank.
The bank has also linked the job cut with latest technology saying that implementation of new technologies have reduced the scope of traditional banking services.
The bank reported a net profit of €1.43bn for the fourth quarter of 2012, up from €1.19bn during the corresponding period last fiscal, mainly backed by assets divestments in Canada and Malaysia.
ING was ordered by the European Commission to streamline its operations, as part of its €10bn bailout package received during the financial crisis of 2008.