Dutch insurance conglomerate ING is planning to reduce approximately 2,400 positions in insurance and banking arms over the next two years, in a bid to save €460m annually.
The firm will eliminate 1,350 jobs in its insurance arm, which will save €200m annually by the end of 2014.
ING, which employs nearly 94,000 staffs globally, is under pressure from European Commission to bifurcate its insurance and banking operation for approval of the Dutch state’s aid of €10bn, received during 2008.
The announcement of jobs cut comes at a time, when the group posted 35% decline in underlying net profit year-on-year to €719m.
The firm has already offloaded its Hong Kong and Thailand insurance businesses to Richard Li and Malaysian underwriting business to AIA.