Dutch financial services group ING banking is to axe 2.5% of its workforce by cutting 2,350 jobs at European insurance and commercial banking operations.
The group, which employed 94,000 people in June, is preparing to repay the €10 billion worth of state aid it received in 2008 and bolster its revenue.
A year ago, the Dutch central bank announced national banks were inefficient compared to foreign competitors and could save costs, a recommendation ING has taken seriously.
"As we work to solidify strong standalone futures for bank and insurance, we are taking steps to increase our agility in this uncertain environment", ING chief executive Jan Hommen said.
Dutch rivals ABN Amro and Rabobank have undergone similar axing measures.
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