ING cuts staff in Luxembourg

Bank ING Luxembourg, which earlier promised to keep jobs after the closure of its retail business, has officially confirmed the planned reduction of 124 employees as part of a social plan. This is reported by RTL, referring to the ALEBA trade union.

ING's staff in Luxembourg has already been reduced, with 948 employees in 2023 and 900 in 2024. The current layoffs are taking place under an agreed social plan, but no date has yet been set for the start of negotiations on its details.

According to the annual report, ING Luxembourg's profit fell by 38 per cent from €263m in 2023 to €163m in 2024. Revenue from the retail segment decreased by 14% to €48 million, which is directly attributable to the exit from this market.

Corporate banking also performed worse, which the bank attributes to low interest rates and customer pressure on service terms.

In July, ING also announced a global restructuring that will affect about 230 positions, mainly in management and corporate business. Country-by-country details have not yet been disclosed, but the bank attributed the cuts to a desire to "rebalance the structure" and attract younger staff in a challenging macroeconomic environment.

Although it is a social plan and soft measures, the situation is worrying for the unions as this is the second wave of cuts despite the bank's public assurances a year earlier.