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)