ING cuts 400 jobs during restructuring despite 1.85 billion euro profit
ING is cutting 400 jobs to restructure its wholesale banking unit, even as the bank reports higher profits and a massive share buyback.
Layoffs · Source: Morningstar / Dow Jones
What happened
Dutch bank ING is cutting about 400 jobs worldwide. The cuts are part of a plan to restructure its wholesale banking division. The bank wants to create a more streamlined structure. These changes will take effect in March.
The layoffs are not happening because the bank is losing money. ING just reported a third-quarter net profit of 1.85 billion euros. Total income grew by 5.6 percent to 6.23 billion euros. Net interest income rose 15 percent to 4.26 billion euros, and fee income also increased. The bank also announced a 1.65 billion euro share buyback program.
As part of the restructuring, ING is renaming the wholesale division to corporate and institutional banking. The bank expects this move to save about 75 million euros a year starting in 2028. ING currently has more than 60,000 employees globally. While profits were up, the bank did note that loan loss provisions rose to 403 million euros from 326 million euros a year earlier.
By the numbers
- 400 — Number of jobs ING plans to cut globally
- 1.85 billion euros — ING's net profit for the third quarter
- 1.65 billion euros — Size of the newly launched share buyback program
- 75 million euros — Targeted annual cost savings starting in 2028
- March — When the restructuring changes become effective
Why it matters
For banking professionals, this shows that job security is not guaranteed just because a company is highly profitable. Banks are constantly looking for ways to cut costs and streamline operations. When a company announces a 1.65 billion euro share buyback alongside job cuts, it sends a clear message about corporate priorities. The bank is returning capital to shareholders while reducing its workforce to lower future expenses. Job seekers need to understand that strong financial health does not automatically translate to aggressive hiring.
The broader takeaway is that companies are using restructuring to shift their focus. ING is targeting 75 million euros in annual savings by 2028 through these changes. This means other financial institutions might also look at their own structures to find similar efficiencies. This trend can lead to more targeted layoffs across the banking sector, even during periods of strong revenue growth.
Who this hits
Wholesale banking professionals
ING is directly restructuring its wholesale banking division. Workers in this specific area face the highest risk of job cuts or role changes by March.
Job seekers targeting ING
The bank is eliminating 400 roles to save money. This likely means a hiring freeze or reduced headcount for corporate and institutional banking roles in the near future.
Current ING employees
The bank employs over 60,000 people globally. While 400 cuts is a small percentage, the push for a streamlined structure could change reporting lines and daily operations for many others.
Shareholders
Investors are receiving a 1.65 billion euro buyback and an additional 250 million euro cash payout in January. They benefit directly from the bank's strong profits and cost-cutting measures.
What to do this week
- Track restructuring announcements in your industry to see which departments are shrinking and which are growing.
- Focus your job search on divisions that directly drive revenue rather than areas undergoing consolidation.
- Keep your resume updated and maintain your network even if your current employer is reporting record profits.
- Look for roles in corporate and institutional banking at competitor firms if you are displaced by these specific cuts.
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My take
I always remind job seekers that a profitable company can still issue layoffs. ING is making billions, yet they are cutting 400 jobs to streamline their structure. You must stay adaptable because corporate efficiency often comes at the expense of existing roles.