ING Plans 400 Job Cuts to Save €75 Million Annually From 2028

What is changing in ING's wholesale banking business?

ING will rename Wholesale Banking as Corporate and Institutional Banking, reorganise corporate client coverage around countries rather than sectors, and consolidate specialist financing and advisory capabilities into global teams, with organisational changes taking effect on March 1, 2027.

Orbitrum Investor Impact

How will the 400 job cuts affect ING's profitability?

ING expects the restructuring to reduce annual operating costs by approximately €75 million once fully effective from 2028, potentially improving profitability if the savings are realised without materially weakening revenue or client service.

How much will ING's restructuring cost?

ING expects to recognise a pretax redundancy provision of approximately €175 million in the fourth quarter of 2026, creating an upfront expense before the planned recurring savings are fully realised.

Could the restructuring support ING shares?

The planned €75 million in recurring annual savings could support ING's future earnings and operating efficiency, but the €175 million restructuring charge creates a nearer term cost and the benefits depend on successful implementation.

Why did ING announce the job cuts alongside weaker quarterly earnings?

ING reported third quarter net profit of €1.85 billion, up 3.5% from a year earlier but below the €1.97 billion analyst consensus, as higher loan loss charges, weaker treasury income and slightly higher costs weighed on results; the restructuring separately targets longer term efficiency.

When will ING's restructuring take effect and what comes next?

ING expects organisational changes from March 1, 2027 and full annual cost savings from 2028, with further implementation details and updated financial and commercial targets for Corporate and Institutional Banking planned for its June 2027 Capital Markets Day.