ING Announce Job Cuts Amid Rising Costs and Leadership Shakeup

The Dutch financial services giant ING has announced plans to axe 230 jobs in its
wholesale banking division, signalling deeper internal restructuring that may have far-
reaching implications for the group’s future direction.

The job cuts, confirmed earlier this week, will affect managers at director and managing
director levels in client-facing roles. ING said the redundancies would be “proportionally
distributed across the locations,” though it declined to specify exactly where.

The lender cited an excess of management positions within the division, suggesting a
deliberate move to streamline its hierarchy. “This is about finding a new balance in
personnel,” the bank said, underscoring that the decision stems from more than just
short-term market conditions.

The restructuring comes as ING grapples with mounting costs, forecasting total
expenditure of up to €12.7 billion in 2025. First-quarter expenses were already up by
5.5% compared to the previous year, driven largely by inflationary pressure on salaries.
The wholesale banking division currently employs 17,287 people, indicating that the
upcoming layoffs, while relatively modest in proportion, target the upper echelons of the workforce – potentially reshaping the bank’s leadership culture and client engagement strategy.

Investors reacted cautiously. The bank’s share price dipped following the news,
trimming its year-to-date gains to just under 24%, lagging behind the broader European
banking index, which has risen around 30% over the same period.

The cuts follow a string of recent shakeups across the group. Earlier this week, ING
confirmed it was winding down its retail banking operations in Luxembourg after a sharp 38% drop in annual profit at its local subsidiary. That move also involved layoffs and cost-cutting, suggesting a wider re-calibration of ING’s operational model.

Analysts warn that while the emphasis on cost control may boost short-term margins,
ING’s long-term competitiveness will depend on how effectively it reinvests in areas of
strategic importance. The bank has indicated it will continue hiring in fields requiring
“specialist skills,” hinting at a pivot toward digital transformation and high-value client
services.

For now, the job cuts mark a critical juncture. As ING trims leadership layers and
tightens budgets, the success of its restructuring efforts will likely hinge on maintaining
core capabilities while navigating a changing financial landscape.