20 September 2017
Visit http://response.ncr.com

ING cuts 500 IT jobs; outsources 2200

02 November 2005  |  5443 views  |  0 ING Group Amsterdam HQ

Dutch banking group ING is cutting 500 jobs and outsourcing a further 2200 positions at its operations and IT division in Belgium and the Netherlands.

Furthermore, ING says it will not extend contracts for about 1400 external staff at the unit, with 550 of these contracts already ended.

In a statement, the bank says it expects the restructuring to produce annual cost savings of about EUR190 million as of 2008. It will record non-recurrent costs of EUR120 million until then.

The latest job cuts are on top of the 450 IT redundancies the bank announced in July, which are expected to result in an annual saving of EUR39 million.

The bank is reportedly in negotiations with potential partners to outsource the 2200 positions, but specific details were not disclosed.

Eli Leenaars, executive board member ING Group responsible for operations & IT and retail banking, says: "Both sourcing and streamlining fit in ING's strategy of continually looking for ways to reduce costs and improve efficiency to preserve its competitive position, particularly in the mature Benelux market."
KeywordsOUTSOURCING

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ING to cut 450 IT jobs; explores outsourcing

ING to cut 450 IT jobs; explores outsourcing

14 July 2005  |  6187 views  |  0 comments
ING outsources UK equities clearing operations to Société Générale

ING outsources UK equities clearing operations to Société Générale

03 February 2005  |  5226 views  |  0 comments
ING Direct to create 300 jobs with new UK call centre

ING Direct to create 300 jobs with new UK call centre

25 October 2004  |  5116 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.sibos.comdownload the paper now

Who is commenting?

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
11158 views comments | 24 tweets | 40 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10473 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9242 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7735 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7514 views comments | 14 tweets | 15 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job