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Report: ING preparing sweeping restructuring plan

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Report: ING preparing sweeping restructuring plan

ING GroepNV CEO Ralph Hamers is preparing for a major reorganization of thebank, which will involve thousands of job cuts to save billions of eurosglobally, Het Financieele Dagblad reportedSept. 30, citing insiders.

The plan includes adopting across the group methodologiesused to good effect in particular geographies, according to the report, whichcited the examples of digitization efforts in Spain and the Netherlands and thecontrol function in Poland. ING will also re-examine its geographic spread, thepaper wrote, noting concerns over the bank's Turkish business in particular.

Meanwhile, ING's Belgian unit, , may be merged with unitRecord Bank SA, withsignificant job losses to ensue, L'Echo reportedthe same day, without specifying an exact number of anticipated layoffs.