ING plans to cut about 400 jobs globally within its wholesale banking division, the Dutch financial group says. The move comes as the bank reports results for the third quarter that do not match market expectations, with outlets pointing to rising costs and higher provisions.
Bloomberg reports that ING’s profit for the quarter misses estimates, linking the shortfall to increased costs and more money set aside for souring loans. NL Times highlights the contrast between the workforce reduction and a reported €1.9 billion profit last quarter, framing the job cuts against that stronger headline figure, while still describing the same broadly stated staff reduction plan. Together, the coverage centers on ING’s wholesale-banking refocus and the cost and credit-quality pressures behind the results, with different emphasis on what readers should take away from the quarter’s profit figure.
