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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 Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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