Business & Finance
ING Announces Job Cuts as Quarterly Profit Misses Estimates
Key Points
ING Announces Job Cuts as Quarterly Profit Misses Estimates ING Groep NV reported profit for the third quarter that missed estimates after costs rose and it set aside more money for souring loans. The Dutch lender also said it will cut about 400 staff to refocus its wholesale banking business. Net income at Netherlands’ largest bank rose 3.5% to €1.85 billion ($2.06 billion) in the three months through September, the company said in a statement on Thursday.
ING Announces Job Cuts as Quarterly Profit Misses Estimates
ING Groep NV reported profit for the third quarter that missed estimates after costs rose and it set aside more money for souring loans. The Dutch lender also said it will cut about 400 staff to refocus its wholesale banking business.
Net income at Netherlands’ largest bank rose 3.5% to €1.85 billion ($2.06 billion) in the three months through September, the company said in a statement on Thursday. That compares with an average estimate of €2.01 billion in a Bloomberg survey of analysts.