ING Groep (INGA.AS), the largest Dutch-based financial services company, said on Monday it plans to shed 7,000 jobs and invest heavily in its digital platforms in order to save 900 million euros ($1 billion) annually by 2021.
AMSTERDAM ING Groep (INGA.AS), the largest Dutch-based financial services company, said on Monday it plans to shed 7,000 jobs and invest heavily in its digital platforms in order to save 900 million euros ($1 billion) annually by 2021.
Ahead of an investor day, the company said it was pressured to take the move because of regulatory burdens and ultra-low interest rates.
It will invest 800 million euros in the coming 5 years, in addition to taking a 1 billion euro charge next quarter for redundancies, most of which will fall in Belgium and the Netherlands.
(Reporting by Toby Sterling)
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