Filed Under:Annuities, Variable

ING to cut 2,350 jobs as Q3 profits drop

Q3 Earnings

AP Photo/Peter Dejong
AP Photo/Peter Dejong

AMSTERDAM (AP)—ING Groep NV, the Dutch bank and insurance company, revealed plans Wednesday to cut 2,350 jobs after a sharp drop in third-quarter profits.

ING, one of Europe's larger financial conglomerates by assets, said its net profit fell to €609 million ($783 million) from €1.69 billion a year ago. It attributed the decline primarily to “de-risking”—that is, selling assets at a book loss to eliminate the potential for bigger losses later.

Copyright 2016 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nichole Morford

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