ING announces profit slump, job cuts

13th February 2013, Comments 0 comments

Dutch banking and insurance group ING reported on Wednesday a 32.5-percent plunge in net profit last year and said that it intended to cut 2,400 jobs in its operations in the Netherlands and Belgium.

The group reported a net profit for 2013 of 3.89 billion euros ($5.2 billion), a nearly one-third drop from the 2011 level.

It said that the fall reflected restructuring costs, losses on the sale of high-risk assets and charges linked to products in the United States offering a guaranteed fixed income.

The group employs about 90,000 people around the world, and Chief executive Jan Hommen said that the job cuts were vital to the future of the business and that the costs of this had been taken in the results for last year.

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© 2013 AFP

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