March 13, 2018 / 6:48 AM / in 7 months

Under pressure, ING scraps plan to raise CEO pay

AMSTERDAM, March 13 (Reuters) - ING Groep NV, the biggest Dutch financial services firm, on Tuesday scrapped plans to increase the pay package of CEO Ralph Hamers by 50 percent.

The company’s decision led to a firestorm of protest from politicians, who are facing national municipal elections next week, as well as reports of customers closing their accounts in protest.

Chairman Jeroen van der Veer acknowledged the bank had “underestimated the public response” to the idea. (Reporting by Toby Sterling; Editing by Gopakumar Warrier)

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