ING To Cut 2,350 Jobs -- And Doesn't Rule Out More Layoffs

ING job cuts
ING job cuts



AMSTERDAM -- ING, the largest Dutch financial services group, is to cut more than 2,000 jobs worldwide as it prepares to separate its banking and insurance operations in difficult markets.

The cuts, which equate to 2.5 percent of ING's workforce, come as banks across Europe shed staff in a reassessment of their businesses after the financial crisis.

Swiss bank UBS announced last month it was to cut 10,000 jobs as it winds down its fixed income division, while Deutsche Bank increased its job cut target to almost 2,000 staff.

ING, which missed third-quarter net profit forecasts by a wide margin on Wednesday, is dismantling its once-fashionable bancassurer model as a condition of the state bailout it received in 2008.