ING plans to shed 7,000 jobs and invest heavily in its digital platforms to achieve annual savings $1 billion by 2021, the Netherlands’ largest financial services company said on Monday.
The layoffs represent slightly less than 12 percent of ING’s 52,000 workforce because nearly 1,000 are expected to come at suppliers rather than the company itself.
The job losses are the heaviest since 2009, when ING was forced to restructure and spin off its insurance activities after receiving a state bailout during the financial crisis.
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