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)
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
- More Bad News for Android 5.0 Lollipop As Problems Come In for Nexus and Other Devices
- US To Supply Defensive Lethal Weapons To Kiev – A Vey Alarming Signal, Says Russia
- Amazon Black Friday 2014 Deals Start On Nov. 21, 2014 Including Limited-Time Lightning Deals And Deals Of The Day On Clothes, Toys, Jewelry, Watches, Bags, Accessories And Electronics
- Travel Alert: New Delta Air Lines Airbuses Could Be Seen In Australia Soon
- Walmart Canada Feeling The Heat As Grocery War Intensifies
- Travel Alert: Frequent Flyer Tie-Up Between Virgin Australia, South African Airways Enhanced
- Product Recall: Graco Recalls Baby Strollers in Canada, U.S. Due To Amputation Risks