TREE NEWS update: ING plans to restructure its wholesale banking business, cutting about 400 jobs globally, with the changes effective from March 1, 2027. The Dutch bank expects the measures to incur about €175 million in pre-tax restructuring costs and to cut costs by roughly €75 million a year, fully effective from 2028. ING reported third-quarter net profit of €1.85 billion, up 3.5% year on year, with pre-tax profit up 5.7% to €2.705 billion.
ING to cut about 400 jobs globally in wholesale banking overhaul
AI take
The scale is modest against ING's profitability — roughly €175 million in restructuring charges to secure €75 million in annual savings, a payback that stretches past the 2028 full run-rate — so this reads as margin discipline in wholesale banking rather than distress. For a sector where cost efficiency is increasingly the differentiator, the signal is that even healthy earnings aren't shielding headcount. Whether peers with similar wholesale exposure follow with their own efficiency programs is the open question.
Generated by AI for reference only.
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