Dutch banking giant ING said on Monday it planned job cuts focused on senior staff, saying there are just too many of them, several media reports, citing the bank, said.
The lender plans to eliminate 230 roles across its wholesale banking division, Bloomberg reported, referring to a statement on Monday. The cuts "will be focused on Directors and Managing Directors in commercial, front office roles," as the lender has "too many senior roles," it said.
Shares in ING were 2.1% lower at 11:15 a.m. in Amsterdam. The stock is up about 23% this year to date, compared with about 30% for the wider European banking sector.
The bank said the cuts were prompted by a combination of "market circumstances" and the goal of "re-balancing" staff. The cuts will be split proportionally across its locations, it said.
