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COVID-19 pushes Dutch bank ING to cut 1000 jobs following Q3 2020 net profit dip

COVID-19 has deeply impacted the economy and forced numerous businesses to shut shop. Some of the bigger businesses, such as Dutch banking group ING, have also reported a dip in their quarterly YoY profits. In their latest Q3 2020 net results, the company posted net profit of €788M, which is almost half the €1.4bn reported it reported last year in Q3. As a result, the company is closing down some of its branches in various regions and cutting down on staff numbers.

The first step ING is taking to refocus its efforts is to shift its aim to activities that ensure faster client delivery and improving end-to-end digital customer experience. In the company’s Wholesale Banking sector, this will result in shifting focus on core clients and ‘simplifying’ the company’s geographical footprint. The bank will thus close down its wholesale banking offices in South America and Asia. Additionally, it will also downsize integration operations in several EU countries and let go of about 1,000 jobs. Read more via SiliconCanals

Pemo Theodore

Pemo is a Media Publisher & Event Producer. She is CoFounder/CEO Silicon Valley TV She is the Executive Producer of FinTech Silicon Valley & organizes Bay Area FinTech meetup: Silicon Valley FinTech meetup & Blockchain Music meetup with almost 3k members. She has produced Silicon Valley Events for Investors & Startups 7 years. She video interviews venture capitalists & angel investors & FinTech experts. She partners with videographers to cover San Francisco Bay area startup conferences & meetups with livestreaming, video & foto packages Silicon Valley TV She is based in Silicon Valley & has been involved in online business for 14 years. She has been in small business for 46 years in Ireland, London, Canada & Australia. She also published a free ebook (the findings of 1 year research from VCs, angels & women founders) “Why are Women Funded Less than Men? a crowdsourced conversation” She was TheNextWomen‘s most prolific contributor of 2011. Silicon Valley TV has been noted as a platform for supporting high growth women led companies in Huffington Post

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