ING axes 850 jobs

8 November 2007

BRUSSELS – The Belgo-Dutch banker and insurer ING has unveiled a major reorganisation of its branch network.

The bank wants to concentrate on “direct banking” that offers services via internet or call centres. 850 jobs should go over the next five years as a result.

A spokesman for the bank told the VRT that ING wanted to accommodate the trend towards more internet-banking and the use of direct channels like the telephone.

“Direct-banking where possible, advice when it’s necessary” is the bank’s new motto.

ING will be investing EUR 94 million in the operation.

The bank’s existing number of branches, 794, will remain unchanged.

242 branches will provide all services, but in the remaining 552 branches many customers will be able to carry out their operations using a machine and there will be fewer counters.

ING stresses that nobody is getting the sack.

The 850 job losses will be achieved as a result of natural wastage.

The company currently employs 12,000 in Belgium.

Subject: Belgian news