The move forms part of ING’s strategy to continually reduce costs and improve efficiency to preserve its competitive position. The company estimates that the streamlining process will produce an annual cost reduction of 39m euros.
However, the operation will mean that 450 employees who work in IT infrastructure for both ING ‘s banking and insurance activities will become redundant. In Belgium the number of positions will decrease through natural attrition. ING said it will establish a mobility centre to support staff during their search for suitable jobs.
ING also announced that it was looking into sourcing, in particular the possibilities of sourcing activities within ING or outsourcing activities to a third party.
