ING to cut another 2,400 jobs

<p>ING is set to cut a further 2,400 jobs as part of its drastic cost-saving initiative.</p>

Dutch banking giant ING has announced that it is going to cut a further 2,400 jobs as it prepares to split its lending and insurance operations.

The firm said 1,400 of the positions facing the axe would go from its retail banking arm in the Netherlands, while a further 1,000 jobs are going at ING Belgium.

It is hoped that this action will lead to a combined cost saving of €270 million (£230 million) annually.

This announcement comes after ING reported a 21 per cent rise in net profit for the final quarter of 2012 to €1.4 billion thanks to gains made from asset sales.

However, underlying pre-tax profit at ING's banking operations slipped by 72 per cent to €184 million, while its insurance operations made a €272 million profit.

At close of play in New York Last night, ING Intternational shares rose by 0.7 per cent to $9.96 per unit.

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