ING (NYSE:ING) announced on Wednesday that it will cut another 2,400 workers as it restructures operations and disposes of its investment management and insurance businesses, and reported lower-than-expected quarterly earnings.
Investors were not happy with the news, sending ING shares down almost 4% in Wednesday morning trading.
The latest round of layoffs at the Dutch financial services giant will hit call centers and IT departments at its retail banking operations in the Netherlands and Belgium. The bank also posted fourth-quarter earnings of $1.93 billion. While that was a jump of 21% compared to last year, it sill missed analysts’ forecasts, Reuters noted.
Including the latest layoffs, ING will have cut 7,500 workers during the last 15 months, including an earlier round of 2,400 layoffs announced in November.. The bank is struggling to reorganize operations and reduce costs in order to help repay its 2008 government bailout.
Earlier this week, Britain’s Barclays (NYSE:BCS) announced that it would trim its workforce by 3,700 workers.