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ING to slash 60 commercial banking jobs in Asia

Dutch financial-services company ING Groep is to slash around 60 commercial banking jobs in Asia by the end of June 2013, ING’s commercial bank in Asia chief executive officer Mark Newman has revealed.

Confirming the same in an e-mail response, Newman was quoted by Bloomberg as saying that the latest round of job cuts were being carried out as part the bank’s three-year plan to decrease costs by €460m ($590m).

The firm currently manages a staff of 850 at its commercial bank in Asia, according to an ING Singapore-based spokeswoman Eileen Lau.

The bank has already axed 13 jobs across six countries in Asia and further eliminations will be made in the first and second quarters of next year.

The company has earlier said that it plans to reduce 1,000 positions in commercial banking arm to save €260m annually, while 1,350 jobs will be slashed in insurance arm to raise €200m.

ING was ordered by the European Commission to bifurcate its insurance and banking operations, as part of its €10bn bailout package, received during the financial crisis of 2008.