ING to cut another 2,400 Benelux jobs as fourth quarter falls short
February 13, 2013 6:07 PM EST
Dutch banking and insurance group ING
Several European banks including Deutsche Bank
The latest round of layoffs at ING follows a similar announcement as recently as November and brings the cuts in the past 15 months to 7,500, or roughly 9 percent of the Dutch group's total headcount at the end of December.
ING on Wednesday reported lower-than-expected fourth-quarter net profit of 1.43 billion euros (1.2 billion pounds), up 21 percent from a year ago thanks to gains from divestments.
But underlying pre-tax profit for the banking operations was 184 million euros, down 72 percent from a year ago, while the insurance unit turned from a loss of 1.51 billion euros to an underlying pre-tax profit of 272 million euros.
Analysts polled by Reuters had forecast a net profit of 1.587 billion euros; the banking and insurance arms were expected to report underlying profit of 290 million and 265 million respectively.
(Reporting by Sara Webb)
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
- Kate Middleton's Pregnancy Hearsays: Possible Evidence Revealed [PHOTOS]
- Selena Gomez Turns 22 Today, Celebrates Early without Justin Bieber: Top 12 Interesting Facts About the Singer [SEE PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- Sony PlayStation 4 Outsells a Resurgent Xbox One in June