Amsterdam: The Dutch multinational banking and financial services corporation ING bank has decided to cut nearly 7,000 jobs in digital platform which would save $1.01 billion in annual costs by 2021.
The ING bank aims to join its banking operations in Europe and move toward one digital platform, in the next couple of years.
According to bank official, it would invest 800 million euros ($896 million) to improve its digital services.
ING’s Chief Executive Ralph Hamers said the latest measures are made “from a position of strength,” referring to previous restructuring plans that bolstered ING’s capital position and made it less complex.
The official further said that the equivalent of 3,150 full-time jobs will be lost in Belgium by 2021, close to a third of the total in the country while in the Netherlands, 2,300 jobs are to be shed, equivalent to about 15 per cent of full-time staff.
The Chief Executive of the bank’s Belgian arm, Rik Vandenberghe, said that the decision was “a shock for a lot of people and was not an easy decision”.