ING to Cut Jobs, Close Offices as Profit Misses Estimates
- Net interest income fell in third quarter on lower lending
- Dutch bank reduces long-term CET1 ratio target to 12.5%
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ING Groep NV will cut 1,000 jobs by the end of 2021 and close all of its offices in South America and some in Asia as it looks to cut costs and boost its digital transformation amid the economic fallout from coronavirus.
The Dutch lender said it would streamline its wholesale offering to focus on key clients and markets and pull back from ambitions to integrate retail banking platform Maggie across some European markets, according to its third-quarter statement Thursday.