Dutch bank ING to cut 1,000 jobs by the end of next year as virus crisis hits

The Hague: Dutch bank ING said Thursday it will shed 1,000 jobs by the end of 2021 and close offices in South America and Asia as the coronavirus pandemic hits the global economy.

The job losses come despite "resilient" third quarter results, with profits down 41.4 percent to 788 millions euros on turnover of 4.28 billion euros, down 7.3 percent, the bank said in a statement.

"The pandemic continues to have a significant impact everywhere, with the second wave in Europe and the US putting further pressure on consumers and businesses," ING chief executive Steven van Rijswijk said.


The "challenging external environment" meant ING was "refocusing" its wholesale and retail activities, with a "headcount reduction" of around 1,000 full-time jobs, the bank said.

ING is the Netherlands' number one bank, employing 53,000 people in more than 40 countries.

The bank was to shut its offices in South America, and some in Asia, to "concentrate even more on core clients and simplify our geographical footprint", van Rijswijk said.

ING shares dropped 2.03 percent to 6.26 euros on the Amsterdam stock exchange at the opening.