ING expects around 400 redundancies worldwide as it reshapes its wholesale bank

ING expects around 400 redundancies globally as it refocuses its Wholesale Banking unit, the bank said in its third-quarter results report on 29 October. The changes take effect on 1 March 2027, when a number of roles will change.

ING has not said how many of the redundancies will be in the Netherlands. It describes the figure as an expectation and says it will help affected colleagues find their next role inside or outside the bank.

A new name and a simpler structure

Wholesale Banking will be renamed Corporate and Institutional Banking, which ING says better reflects its business focus. In the results announcement, the bank said it would create a more streamlined structure that supports closer relationships with clients and makes it easier for them to do business with ING.

In the third quarter, the unit’s lending grew by €2.5 billion and its deposits by €9.4 billion. Its fee income was 9.4% higher than a year earlier.

Costs and savings

ING expects to book a pre-tax redundancy provision of around €175 million in the fourth quarter of 2026. It expects the measures to reduce costs by around €75 million a year, fully effective from 2028. The bank will update its financial and commercial targets at its Capital Markets Day on 14 June 2027.

Third-quarter results

ING reported a net result of €1,850 million for the third quarter of 2026, up 3.5% year on year, with a return on tangible equity of 16.3%. Profit before tax rose 5.7% to €2,705 million, and fee income rose 9.3% to €1,273 million.

With a CET1 capital ratio of 13.3%, ING announced a further distribution to shareholders of €1.9 billion. It added 259,000 mobile primary customers in the quarter, with strong contributions from Germany, the Netherlands and Romania. Chief executive Steven van Rijswijk said the bank remains well on track to deliver on its outlook for 2026.

ING Bank has more than 60,000 employees serving customers in over 100 countries.