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ING plans reorganization: Financieele Dagblad
September 30, 2016 / 8:06 AM / a year ago

ING plans reorganization: Financieele Dagblad

AMSTERDAM (Reuters) - ING (INGA.AS), the largest Dutch-based financial services company, is planning to announce a restructuring that will lead to thousands of job losses, Dutch newspaper Het Financieele Dagblad said on Friday.

The ING logo is pictured in Brussels, Belgium, March 23, 2016. REUTERS/Charles Platiau

The paper said, citing anonymous sources, that the company plans to change its country-based structure in favor of single technology and risk management platforms.

    A company spokesman declined to comment on the report, though he noted the company is planning to update investors, analysts and media on ING’s strategic plans at its annual investor day on Oct. 3.

    ING’s share price was down 3.9 percent at 10.43 euros by 0753 GMT on Friday, when the Stoxx 600 Europe banking sector index <0#.SX7P> was down 3 percent on worries about Deutsche Bank’s financial stability.

    Reporting by Toby Sterling; Editing by Greg Mahlich

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