The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
450 jobs Number of planned job losses
Announcement Date
13 July 2005
Employment effect (start)
Foreseen end date
Description
Dutch banking and insurance group ING Groep NV will cut 450 jobs under a restructuring of the Operations & IT division. The company will cut 400 jobs in the Netherlands and 50 in Belgium. ING aims to achieve cost savings of 39 million ($47 million) per year. The Operations & IT division has some 18,000 employees. The streamlining is in line with ING strategy to continue looking for cost saving and efficiency improving opportunities. ING will do its best to find a new job for the redundant employees in the Netherlands and the jobs in Belgium will be cut through natural attrition. ING has informed the works councils and trade unions about the planned streamlining. ING said earlier, it was studying the possibilities for outsourcing the IT activities within or outside the organisation.
Sources
14 July 2005: De Volkskrant
Citation
Eurofound (2005), ING, Outsourcing in European Union, factsheet number 62002, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62002.
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