7,000 jobs under threat at ING, but not in Luxembourg

Luxembourg will not be impacted by ING’s plan to axe around 7,000 jobs, the Dutch bank said on Monday.

A massive restructuring plan mainly affecting Belgium and the Netherlands was announced on Monday to save around 900 million euros at ING between now and 2021.

“There will be no impact in Luxembourg,” the bank’s communication services said in a statement. “With our 17 branches and 800 employees, we are not at all in the same configuration as Belgium.”

Belgium counts around 800 ING agencies and 500 other independent Recordbanks.

Luxembourg union the OGBL said on Monday that 3,500 jobs in Belgium and 2,000 in the Netherlands were threatened. Further details are not yet known.

The union sent a registered letter to the bank’s headquarters asking for an explanation.

ING CEO of banking Steve Hames said consumers were increasingly calling for online and mobile banking and that the bank was forced to follow this evolution.

ING is headquartered in Amsterdam. It employs 52,000 staff across 40 countries.

Its announcement comes a matter of months after ABN Amro, the third biggest bank in the Netherlands, announced a restructure affecting 1,375 jobs over the next three years to save money.

In August, ING announced profits were up 26.7% in the second quarter to 1.4 billion euros.