ING planning to cut hundreds of jobs despite €1.9 billion profit last quarter
ING will cut 400 jobs globally within its wholesale banking division, the Dutch financial group announced on Thursday with its quarterly results. Largely thanks to rising interest rates, the bank posted a profit of €1.85 billion in the third quarter, up 3.5 percent from a year earlier.
According to ING CEO Steven van Rijswijk, the job cuts are needed to streamline the wholesale banking division. This will also make it easier for clients to do business with the bank.
ING did not say exactly where the job cuts would happen, but they are scheduled for 2027. They come on top of the approximately 1,250 job cuts ING announced in March. The bank currently employs over 60,000 people worldwide.
The quarterly figures show that ING is benefiting from the recent rise in interest rates, sparked by higher inflation caused by the war between the United States and the Middle East. The higher interest rates meant the bank earned more on loans, while it hasn’t increased interest paid on savings to the same extent. ING hasn’t increased its base savings interest rate since April last year. As a result, the bank’s interest income was 15 percent higher in the third quarter than a year earlier.
Overall, Rijswijk is satisfied with another strong quarter for the bank. “Against a backdrop of continuing geopolitical uncertainty, volatility and pressure on consumer and corporate confidence, our clients continue to show their trust in ING and increasingly turn to us for more of their financial needs across our various segments,” the CEO said. “This demonstrates the strength and resilience of our business, and we remain well on track to deliver on our outlook for 2026.”
Rijswijk said that the bank’s customer base continues to grow, its mortgage portfolio is expanding, and more of its clients are engaging in investments.
After the strong quarter, the bank announced it would pay out €250 million in dividends to shareholders and launch a share buyback program totaling €1.65 billion.