ING To Cut 2,400 Jobs, Despite 21 Percent Rise In Profits

AMSTERDAM -- Dutch financial services group ING announced deeper job cuts in retail banking as it prepares to separate its banking and insurance operations under the terms of a state bailout. ING is dismantling its once-fashionable bancassurer model after the 2008 bailout, divesting insurance and investment management and other assets through disposals or stock market listings as it prepares to repay the aid.