ING to slash 2,700 jobs

ING Group will cut 2,700 jobs, including 700 contract workers, at its retail bank in the Netherlands, which would save €300 million (US$412) annually from 2014 onwards.
ING Group announced the job cuts even as the group has reported a sharp rise in third-quarter net profit to €1.69 billion from €239 million in the same period a year ago, but mainly due to gains on various divestment.

The group’s insurance operating result rose 27 per cent to €527 million, driven by a higher investment margin and higher fees and premium-based revenues. Sales in the division grew 6.5 per cent from year-ago period on account of robust performance of Asia Pacific region. In Asia sales rose 30.2 per cent compared with second quarter of 2011, (25.7 per cent excluding currency effects) primarily due to seasonality.

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