The company which employs nearly 94,000 staffs worldwide, will reduce 1,000 positions in commercial banking arm to save €260m annually, while 1,350 jobs will be slashed in insurance arm to raise €200m.
The firm was ordered by the European Commission to bifurcate its insurance and banking operation for approval of the Dutch state’s aid of €10bn, received during the financial crisis of 2008.
ING chief executive Jan Hommen said that the restructuring process will increase the agility of the company in an uncertain environment.
The firm has already offloaded its Hong Kong and Thailand insurance businesses to Richard Li and Malaysian underwriting business to AIA.
