ING to cut 230 posts as it says it has ‘too many’ managing directors

Dutch banking big ING mentioned on Monday it deliberate job cuts centered on senior workers, saying there are simply too lots of them, a number of media stories, citing the financial institution, mentioned.

The lender plans to remove 230 roles throughout its wholesale banking division, Bloomberg reported, referring to a press release on Monday. The cuts “will be focused on Directors and Managing Directors in commercial, front office roles,” because the lender has “too many senior roles,” it mentioned.

Shares in ING have been 2.1% decrease at 11:15 a.m. in Amsterdam. The inventory is up about 23% this 12 months so far, in contrast with about 30% for the broader European banking sector.

The financial institution mentioned the cuts have been prompted by a mixture of “market circumstances” and the objective of “re-balancing” workers. The cuts can be cut up proportionally throughout its areas, it mentioned.

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