ING Groep N.V., the Dutch banking group, announced plans to cut 230 jobs within its corporate banking division, focusing on roles such as Managing Director and Director. The bank cited having "too many chiefs" as the reason for the restructuring, aiming to streamline operations and reduce costs.
ING shares experienced a 2.1% decrease at 11:15 AM in Amsterdam, despite a 23% increase since the beginning of the year. However, this performance lags behind the European banking sector's average growth of approximately 30%.
In the first quarter of 2025, ING reported expenses of 12.7 billion euros, a 5.5% increase compared to the same period in 2024. The bank attributed this rise to inflation and higher salary costs. The job cuts are part of a broader effort to "rebalance the workforce structure" amidst challenging market conditions.
The reduction will be implemented proportionally across all locations where the bank operates. At the end of the first quarter, ING had 17,287 employees in its corporate banking division. Several European banks are taking cost-cutting measures due to macroeconomic uncertainties and global trade conflicts.
ING's CEO, Steven van Rijswijk, recently indicated a potential slowdown in share buybacks, prioritizing the strengthening of the bank's financial reserves. ING also stated that it will continue recruiting for specialized skills and aims to grow its young talent base to foster innovation and adaptability.