Devastating news. Dismissal on the conveyor belt. It is not known where the bomb fell



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ING Groep NV, the largest banking group in the Netherlands, announced Thursday that it will carry out hundreds of layoffs. As such, ING will cut 1,000 jobs and close dozens of branches in Latin America and some Asian countries in an effort to cut costs and accelerate its digital transformation, Bloomberg reports.

In parallel, ING posted a net profit of 788 million euros in the third quarter, almost half of the result of 1.4 billion euros recorded in the third quarter of last year, and below the estimates of analysts who relied on it. on a profit of 844 million euros. In contrast, ING’s costs have risen to 2.6 billion euros.

“In the wholesale banking segment, we will focus even more on our core customers, as well as simplifying our geographic footprint, which means fewer staffs. This includes the closure of branches in South America and some Asian countries.” said Steven van Rijswijk, CEO of ING.

The head of ING added that in the retail banking segment, efforts to standardize digital banking services will be reduced, which will impact countries such as France, Spain and the Czech Republic.

In recent years, ING has been one of the fastest growing European banks, earning millions of customers thanks to online services under the previous CEO, Ralph Hamers, who now heads the Swiss bank UBS Group AG. But while it has gained millions of customers in recent years, ING has struggled to become more profitable as low interest rates and higher compliance costs impacted profit margins.

ING Romania is part of the ING Group, a global international financial institution, which offers banking services to over 34 million individual clients, companies or institutions in over 40 countries. Founded in 1994, ING Bank Romania is currently a universal bank, offering products and services to all categories of clients: large and small companies, financial institutions, small entrepreneurs and individuals.

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