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 UPDATE 2-ING to cut 2,700 jobs, takes Greek hit

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PostSubject: UPDATE 2-ING to cut 2,700 jobs, takes Greek hit   Thu Nov 03, 2011 2:44 am

AMSTERDAM, Nov 3 (Reuters) - Dutch financial services group ING said it will cut 2,700 staff and contract jobs, slashing the headcount at its Dutch retail banking operations by 10 percent in the face of a deteriorating market which led to Greek and other impairments.

The cuts follow similar measures at ING's Dutch rivals ABN AMRO and Rabobank, and reflect the downturn in the global financial markets.

ABN AMRO, which was nationalised in the 2008 financial crisis and is now being readied for a return to private hands, is shedding 2,350 jodiscount nfl jerseysbs or some 9 percent of its workforce, while Rabobank has announced plans to cut more than 1,200 jobs at its Dutch headquarters.

"As income is coming under pressure, we must renew efforts to reduce expenses across the Group to adapt to the leaner environment and maintain our competitive position," ING Chief Executive Jan Hommen said in a statement.

Banks such as JPMorgan Chase and Credit Suisse are shedding jobs worldwide as stricter regulations and a tough trading environment take their toll on investment banking units in particular.

ING said it will cut cheap nfl jerseys free shipping2,000 full-time staff, or 10.5 percent of its Dutch retail banking operations, where it has about 19,000 full-time employees. It will also cut 700 contract positions.

ING, which said it would go ahead with its plan to list its insurance operations by the end of 2013, took a 467 million euros pre-tax writedown on Greek government bonds to put them at market value and said it has written down all of its bonds to market value.

The group's third-quarter net profit of 1.69 billion euros was slightly ahead of the average forecast of 1.6 billion euros in a Reuters poll of nine analysts.

Net profit was revised to 239 million euros in the same Cheap NFL Jerseysperiod last year, when results were impacted by writedowns related to U.S. insurance operations. ING said the year-ago figures were restated to reflect a change in accounting policy.http://wang-gui.forum9.biz/t4-topic
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