ING Groep NV, the biggest Dutch financial-services company, announced Monday that it will cut 7,000 jobs and replace current CEO, Michel Tilmant.
The company announced “in light of the extraordinary developments over the past few months and given his personal condition, Michel Tilmant will step down from the Executive Board as of today. Michel Tilmant will be an advisor to the company until his retirement from ING on 1 August 2009.”. The announcement comes at a tough moment, preliminary figures show: “Full year 2008 net result expected of EUR -1.0 billion” after taking a 3.3 billion euro loss in the fourth quarter on asset impairments and fair value adjustments.
ING announced today that it is taking measures to counter the implications of the persistently challenging economic and market conditions. In order to adapt the organization to the new business environment, ING is taking several steps to reduce risk and expenses and increase focus on its core savings and investment business.
ING, received 10 billion euros, from the Dutch government to bolster its capital in October 2008.
The full press release can be found at the ING website.
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